Bloomberg News

Sodic of Egypt Has Third-Quarter Loss of 38 Million Pounds

November 30, 2011

(Updates with reason of loss in first paragraph.)

Nov. 29 (Bloomberg) -- Six of October Development & Investment Co., an Egyptian luxury real-estate developer, said it had a third-quarter net loss of 38 million Egyptian pounds ($6.33 million) due to an impairment on the golf course at its Allegria residential project.

The company, which made the announcement in an e-mailed statement, didn’t give a comparative figure from a year earlier. It had a net income of 56.8 million pounds in the third quarter of 2010, according to Bloomberg data.

Six of October, also known as Sodic, had cancellations valued at 290.3 million in the third quarter and net sales of 14.7 million pounds, it said. The company delivered 85 units valued at 210 million pounds in the third quarter and is lowering its delivery estimate to 250 units for 2011, it said.

Shares of Sodic rose 6.9 percent, the biggest increase since July 13, to 11.65 Egyptian pounds at the close in Cairo, valuing the company at 1.06 billion pounds.

--Editors: Digby Lidstone, Ben Holland.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net.

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.


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