Egypt's palm hills suffers net loss in q1

Egypt's second-biggest listed developer, Palm Hills has recorded a first-quarter net loss of EGP36.2m ($1.6m), compared with a net profit of EGP107m a year earlier, Reuters has reported. The firm's revenues fell to EGP193.5m from EGP198m in 2010. The developer was hit by the political turmoil that swept President Hosni Mubarak from power and a widening graft probe against business executives linked with his administration.

Source: AMEinfo.com