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PADICO sees more profit this year than last

2011-10-26

 (Reuters) - Palestine Development and Investment Inc PADICO.PL, a holding company with investments in everything from construction to telecoms, expects to make a higher net profit this year than last, Chairman Munib al-Masri said on Monday. In an interview with Reuters, Masri attributed a fall in first half profit before tax to delays in some construction projects undertaken by PRICO PRICO.PL, which is 71 percent owned by PADICO.

"At the end of the year, we will do better," Masri said. "As a whole I think we will do a little better than 2010, I"m talking about net profit," he said, declining to give further details.
PADICO posted profit of $38.8 million in 2010, according to a consolidated income statement posted on the firm"s Web site.