Palm Hills Q1 Net Loss Hits EPG 16.3 Mln

Egypt’s Palm Hills Developments (PHDC:CA), the country’s second biggest listed developer, posted a net loss of 16.3 million Egyptian pounds ($2.7 million) in the first quarter of 2012, the Egyptian Exchange (EGX) said on Tuesday.

The luxury real estate developer had posted a net loss of 36.2 million pounds in the same period a year earlier.

The shares went down on Tuesday’s early trading by 2.53% to hit EGP 1.93.