12 May 2008 11:25
Clarification of Quarterly Results - Incorrect Information Published by Bloomberg
Cairo, May 12th 2008 - Further to an incorrect news article published on Bloomberg this morning which has since been corrected, Palm Hills Developments S.A.E. ("PHD") would like to clarify that the Q1 2008 quarterly results published this morning are not on a quarterly like-for-like basis.
The consolidated net revenue of EGP 326 million (US$60,3 million) compares to L.E 533 million for the 10 month period ending 31 December 2007. Pre tax profit of EGP 199 million (US$ 36,8 million) versus EGP 231 million for the full year ended 31 December 2007. These figures demonstrate significant growth and show that profits in first quarter of 2008 represented over 86% of profits in the equivalent 2007 10 month period.
The comparison is made to the 2007 financial year as PHD changed the financial reporting year end in 2007 from February to December in order to comply with other companies listed on the Cairo & Alexandria Stock Exchange. Consequently a like for like quarterly comparison is not applicable for Q1 2008 period.
For further information:
Mohamed Fahmy
Palm Hills Developments
Chief Financial Officer and Investor Relations Director
11 Nakheel Street, Mohandeseen
Tel: +202 3338 2302/3
Fax: +202 3335 1204
Email: mohamed.fahmy@palmhillsegypt.com