Orascom Development Says Contracted Sales, Reservations Andermatt Project Hit $36.7 Mln

Orascom Development Holding AG (Orascom Development) – ODH (ODHN.CA) has reported CHF 23.5 million contracted sales and CHF 11.5 million reservations for its Andermatt project in Switzerland as of end June 2012,.

An ODH official source mentioned that the earthworks in the Chedi Andermatt hotel were completed, ponds created, fairways and greens were sown (90% completion); while the interior fittings and façade works are ongoing.

The source stated that the of the Andermatt-Sedrun Ski Arena made substantial progress as the tender offer for shareholders of the ski operators was successfully completed.

“An agreement with SkiStar was signed to manage the upcoming Ski Arena.” The sources added

Worth mentioning, the Group’s unaudited business results for the first half of 2012 revealed a net loss – after taxes – of CHF 27.685 million, compared to CHF 15.798 million during H1/2011.

Revenues hiked 24.6% to CHF 132.9 million during H1/2012, compared to CHF 106.7 million during H1/2011.