June 3rd, 2008
1Q08 Consolidated Results: Below Expectations
▪A Drop in sales to EGP6.3 million from EGP101.6 million
▪A decline in margins across the board as the company did not sell any land in 1Q08
▪A net loss of EGP7.6 million in 1Q08

Summary

 

§         9M07 Results:  Core Operations Boost Performance

Results from 9M07 reflected an impressive performance with the bottom line skyrocketing 85.9% to EGP163.8 million on the back of organic growth. Revenues witnessed a robust 108.4% YoY growth, fueled by sales from phase I that is expected to be completely sold out during 2008. Services’ revenues started kicking in, yet with insignificant values. The impressive results were despite recording  a net loss of EGP42.8 million in 3Q07 on the back of receivables write offs amounting to EGP40.0 million.