Orascom increases sales by almost one third

Orascom Development Holding reported a revenue increase of 32.4% to CHF 98.1 million for the first quarter of the current fiscal year. In the first quarter of 2018, sales were still at 74.1 million.

Adjusted EBITDA reportedly increased byTP40.1% to 20.6 million from 14.7 million a year earlier. Gross profit increased by 37.4% from 21.9 million to 30.1 million. The bottom line was a net profit of CHF1.0 million in the first quarter of 2019, according to Orascom's ad hoc release; the company made a loss of CHF5.1 million in the year-ago period.

Cash flow from operating activities increased byTP2T 24.61 to 7.6 million (previous year:6.1 million). Net debt decreased slightly from 247.8 to 244.9 million. Net property sales increased by 166% to 105.9 million, Orascom further informs.

According to the company, all business segments contributed to the positive operating performance: the Hotels segment reported double-digit growth compared to the same period last year, and the Real Estate segment continued its good operating and financial performance across all destinations. The Town Management segment had continued to grow throughout the first quarter.

For fiscal 2019, Orascom plans to generate revenue of 400 million and adjusted EBITDA of between 74 and 77 million. In addition, property sales of 445 to 470 million are planned - this would be a significant increase on the 200.6 million in 2018. (ah)