Egypt’s second-biggest listed property developer Palm Hills Developments is expected to report a 17.5 percent drop in third-quarter net profit this week, according to a Reuters survey of four analysts.
The company sells homes before they are built and does not recognize some revenue on units such as apartments and multi-tenant buildings until they are finished, meaning sales
can show up on their income statement years after they are made.
Palm Hills is seen making a profit of LE 109.9 million ($19.2 million) down from 133.2 million pounds a year earlier.
