Orascom increases sales but makes less profit
Orascom Development Holding (ODH) increased its sales by one third to CHF 246 million in the first nine months of 2015 (ended September 30). However, net profit fell significantly to CHF 3.9 million.
ODH cites the improved results of the hotel segment and transfers of real estate units in Egypt and Montenegro in particular as the reason for the increase in sales.
Net profit after minorities decreased from CHF 36.4 million to now CHF 3.9 million. According to ODH, the profit was dampened by increased losses at investments, in particular Andermatt Swiss Alps and Orascom Housing Communities. However, the reason for the high net profit in the same period last year was also a one-off gain following the settlement of a legal dispute.
Adjusted EBITDA increased by 219, percent and reached CHF 79.5 million, compared to CHF 24.9 million in the same period last year. (ah
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