Sawiris’ Orascom Construction incurs $334 m net loss in 2015

Orascom Construction Limited, owned by Egyptian tycoon Nassef Sawiris, reported $ 334.4 million loss according to its consolidated and unaudited financial results for the fiscal year 2015.

Furthermore, it posted revenues of $ 3.882 billion as of 31 December 2015.

According to the company’s standalone results, it achieved revenues of $11.8 million.

The company hit net profit after taxes of $70 million during the first nine months of FY2015, yet its profit after taxes reached $98.7 million.

Orascom said in a statement that it expects to return to profitability in the first quarter of 2016.