CAIRO (Reuters) – SODIC, Egypt’s third-biggest listed developer, posted a third-quarter net profit of 56.7 million Egyptian pounds on Sunday, rebounding from a year-earlier loss as revenue soared.

The high-end real estate firm, which does not fully recognise revenue until it delivers units, made a 9.3 million pound net loss in the same quarter last year.

Many homebuyers in Egypt purchase houses off-plan, or before delivery, meaning sales can take as much as five years to show up on SODIC’s books.

The firm’s revenue jumped more than 10-fold to 87.9 million pounds in the quarter from 7.9 million in the same period last year, beating an average analyst estimate of 61 million.

For net profit, two analysts polled by Reuters had on average forecast 15 million pounds.

The company said in October it had made 1.6 billion Egyptian pounds worth of sales so far in 2010 and is making more than 50 percent of its profit from commercial projects.

In September, SODIC secured a 350 million Egyptian pound loan to speed work on its flagship Allegria project and it is seeking to raise a total 1.5 billion by 2012.

SODIC’s nine-month net profit was 107.4 million pounds compared with a loss of 30.1 million pounds last year.

The firm’s shares closed up 1.6 percent, in line with the main benchmark index.

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