Orascom Construction’s nine-month profits fall 69% – indicators

Orascom Construction Industries (OCI), owned by Egyptian tycoon Nassef Sawiris, recorded a 69.4 percent fall in profits in the first nine months of 2015, indicators for business results showed Tuesday.

Net profit after tax has hit 1.45 billion Egyptian pounds (US$185 million), compared to a net profit of 4.75 billion in the same period a year earlier.

Revenues have reached 4.6 billion pounds in the first nine months of 2015, a 25.2 percent down from 6.16 billion a year earlier.

Moreover, indicators also found that Orascom’s standalone net profit after tax had recorded 401.5 million, opposed to losses worth 10.8 billion in 2014.

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