Orascom Development with lower profit in Q1
The significant devaluation of the Egyptian pound had a negative effect on the figures of Orascom Development Holding, which reports its income statement in Swiss francs.
Sales fell by 7.8% to CHF 130.9 million in the first quarter, while net profit remained positive at CHF 10.5 million (previous year: CHF 17.5 million) despite currency effects. Adjusted EBITDA of CHF 36.7 million (previous year: CHF 37.5 million) corresponds to a margin of 28.0%. Without adjustment, EBITDA fell from CHF 40.0 million to CHF 28.9 million. The non-cash exchange rate loss resulting from the devaluation of the Egyptian pound in ODH's income statement amounted to CHF 13.7 million.
Andermatt Swiss Alps without land sales in Q1
The participations recorded a decline in profit from CHF 11.6 million to CHF 7.6 million. This was primarily due to the lower performance of the investment in Andermatt Swiss Alps, according to ODH. Its profit fell from CHF 10.3 million in the previous year to CHF 7.3 million. The reason for the decline is that the company did not sell any land in the first quarter. Financing costs rose by 16.5% to CHF 10.6 million due to higher interest rates.
Increased turnover in the hotel business
Unlike the company's real estate business, whose sales fell from CHF 94.1 million to CHF 76.8 million, the hotel segment recorded growth. Hotel sales increased by 36.2% to CHF 40.6 million, partially offsetting the decline in real estate.
(aw)
