Orascom Hotels, Developments Q1/2011 Losses of EGP 170.2 Mln

Orascom Hotels and Development (El Gouna Development and Hotels) (OHD) (ORHD.CA) posted losses of EGP 170.163 million during the fiscal year ended 31/12/2011, noting that the company achieved net profits of EGP 550.942 million during the fiscal year ended 31./12/2010.

Down 0.32% (EGP 670 million), OHD’s total revenues shrank to reach EGP 1.430 billion in 2011, as they amounted to EGP 2.1 billion a year earlier.

OHD’s gross profits, after excluding the costs, went down to EGP 437 million. The company’s gross margin in 2011 was 13%, compared to 30% in 2010.

Additionally, the company’s investment revenues by the end of 2011 valued at EGP 73 million, a rise of EGP 27 million, as they reached EGP 46 million a year earlier. This was due to higher interest revenues on the clients’ long-term assets.

In the meanwhile, the unconsolidated financial statement for the FY 2011 revealed that OHD posted net losses of EGP 264.996 million, compared to net profits of EGP 127.860 achieved in 2010.