Orascom Development Losses Hit EGP 2.3 Mln; Q1/2012

Orascom Development Holding (ODH)  (ODHN.CA) has posted net losses of EGP 2.334 million during the first quarter of the current fiscal year, down 61.6%. Noting that, ODH had posted net losses of EGP 6.088 million a year earlier.

ODH’s revenues rose to reach EGP 311.966 million during Q1/2012, compared to EGP 262.304 a year earlier. The company’s gross profits, after excluding the revenues, surged to reach EGP 47.796 million during Q1/2012, Compared to gross profits of EGP 24.458 during Q1/2011.

Though the company had posted earlier gains of EGP 1.690 million, the taxes have adverse effect as the ODH’s total losses hit EGP 2.324 million. The income tax has reached around EGP 4.025 million.

Orascom Development’s unconsolidated financial statements revealed that the company posted net profits of EGP 22.320 million during Q1/2012, compared to EGP 30.170 million a year earlier.