CAIRO: SODIC, Egypt’s third-biggest listed property developer, said on Wednesday it swung to a third-quarter loss of LE 38 million ($6.3 million) on sales of 305 million.
SODIC, which does not fully recognize revenues until it delivers units, made a net profit of LE 57 million in the 2010 period.
Egypt’s property market, a major driver of foreign investment and growth, has been left reeling by a string of legal rows over state land sales.
