EARNINGS UPDATE- The sizable fall in Madinet Nasr Housing and Development’s (MNHD) net income in 1Q2021 was due to an unfavorable base effect caused by a land sale in 2020, the company said in a press release (pdf) yesterday. MNHD’s earnings statement showed that net income fell 70% y-o-y in 1Q2021 — reflecting the fact that the comparable period last year included EGP 1.15 bn in proceeds from the sale of a 115k-square-meter land plot.

Crunching the numbers: The real estate developer this week reported net income of EGP 114.5 mn in 1Q, down 70% from EGP 378 mn in 2020. Revenues were down 46% to EGP 493.1 mn during the three-month period. Excluding the land sale, net income during the quarter fell 3% while presales grew 6% to EGP 1.5 bn, MNHD said yesterday.

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