Palm Hills Developments, Egypt's second-biggest listed developer, said it faced a battle for survival this year, despite a record year for sales in 2010.
"Our message today is mixed: 2010 was the best year for sales in Palm Hill's history," said Yasseen Mansour, chairman and chief executive officer. "That said, this coming year is going to pose challenges for our continuing survival."
Palm Hills, which builds mostly luxury units, posted a 2.1 percent fall in fourth-quarter net profit to 181 million Egyptian pounds.
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