Egypt’s SODIC Posts 2013 Net Loss of $64 Million

Egyptian property developer SODIC (OCDI.CA) said on Tuesday it made a net loss of 447.1 million Egyptian pounds ($64 million) in the year 2013.

The company had made a net profit of 257 million pounds a year earlier.

Egypt’s real estate industry was thrown into turmoil after a popular uprising ousted President Hosni Mubarak in 2011, hitting demand for high-end property.

Source: Reuters