Orascom expects high loss in Q1
Orascom Development Holding (ODH) expects a decline in sales of between 17 and 20 percent and a net loss in the range of CHF 26 to 28 million for the first quarter of 2016. This would make the loss in the first quarter of this year greater than in the whole of last year, when ODH made a loss of 22.5 million.
Orascom will announce the final figures for the first quarter on May 19.
The main reason for the minus is the difficult situation at the largest subsidiary Orascom Hotels and Development (OHD), which is suffering from the ongoing travel restrictions for Egypt. At OHD, revenue fell by around 37 percent to EGP 284 million. However, property revenues increased by almost twelve percent. The company posted a net loss after minorities of 96.7 million compared to a net profit of 52.7 million in the first quarter of 2015. (ah)
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