Olympic Group Says H1 Losses 68.6% Higher

Olympic Group Financial Investments – OG (OLGR.CA) announced  achieving net losses of EGP 60.088 million during the first half of 2012, reporting losses 68.6% up. OG had posted net losses of EGP 35.636 million during the first half of 2011.

OG’s sales for the H1/2012 fell to EGP 901.039 million, compared to EGP 1.085 billion during H1/2011.

Gross profits, after excluding the cost of sales, shrank to EGP 103.336 million through H1/2012, compared to EGP 151.902 million in H1/2011.

Administration expenses, which rose to EGP 142.085 million, contributed to OG’s H1 losses. Operation expenses also hiked to EGP 11.675 million during H1/2012, compared to EGP 186.128 thousand during H1/2011.

Operation losses, which reached EGP 19.986 million, have also contributed to OG H1/2012 losses, compared to operation profits amounted to EGP 14.924 million during H1/2011.

Furthermore, basic losses per share for H1/2012 have amounted to EGP 0.98, compared to EGP 0.65 during H1/2011.