ICEC

Orascom Development incurs losses of $18mn in Q2

Egypt’s premier new home and touristic real estate developers, Orascom Development Holding turned a 168 million Egyptian pounds (US$18mn) loss in the second quarter of 2016, the company’s consolidated financial results showed.

The second quarter results of 2015 revealed 6.03 million Egyptian pounds in net loss. For the first half of 2016, the company incurred a net loss of  459 million pounds, compared to 26.4 million pounds in profits for the same period of the previous year.

Net losses for Orascom were recorded at 21.87 million Egyptian pounds (CHF 2.37 million) in the standalone results, compared to 710.68 million Egyptian pounds (CHF 77 million) a year ago.

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