Orascon Development Sees H1 Revenues Up

First indications show that during the first half-year 2012 Orascom Development Holding AG (Orascom Development) ODH (ODHN.CA) increased consolidated revenues in the range of 20-25% compared to the same period of last year.

Notwithstanding this significant growth, the group’s performance was impacted by high construction costs related to real estate which is expected to result in a reduced gross profit as compared to last year.

First indications show higher tax payments and the impairment of some investments in associates for the amount of CHF 10-15 million. In sum, Orascom Development expects a net loss in the range of CHF 20-30 million compared to a CHF 16 million loss in the same period last year. The exact amount of the loss depends on the reversal of provisions.

The full set of half year results 2012 will be published on 29 August 2012 as earlier announced. On the same day the group will hold a press conference and analyst/investor conference call to inform about the details of the results and to provide an update on the Andermatt project.

Source: Press Release