Egypt’s Orascom Construction third-quarter profits rise 37%

Egypt’s global engineering and construction firm Orascom Construction reported on Wednesday a 37 percent increase in its third quarter profits to $32.3 million.

Earlier, profits stood at $23.5 million pounds during the third quarter of 2017.

Revenues fell to $728.8 million during the third quarter of this year, versus $805.4 million last year.

During the first nine months of the current year, profits rose to $119.3 million from $82.3 million during the same period in 2017.

The company achieved standalone profits worth $202.3 million at the end of September, compared with losses worth $14.9 million last year.

During the first quarter of this year, consolidated profits jumped to $87 million pounds, against $58.8 million during the same period in 2017.