CAIRO: Egyptian real estate developer SODIC said full-year standalone profit fell 87 percent, but added that profit growth should rebound by 2010 as the company delivers houses to customers.
SODIC s standalone profit for 2008, which does not include revenue from subsidiaries, was LE 46.8 million ($8.4 million).
Net sales were LE 222.6 million in 2008, about half their level in 2007.
We book revenue when we deliver the units and our new projects will be delivered in 2010 and 2011, Hany Henry, the company s financial director, told Reuters.
The company s consolidated profit, including subsidiaries, would fall from 2007 levels but not by as much as the standalone profit, Henry said, declining to give further details.
The company, Egypt s six-largest developer by market value, would start delivering houses at its LE 2 billion Allegria project outside of Cairo by the fourth quarter of 2010, Henry added.
The company said in December it was delaying the launch of sales for mixed-use projects Westown and Eastown until economic conditions improve.
Real estate sales have fallen as the global economic crisis hits Egypt, the most populous Arab country.
SODIC, with about 5 million square meters under development, has residential and commercial developments east and west of Cairo.
