Egypt’s Orascom Investment turns into loss in nine months

Orascom Investment Holding, owned by Egyptian billionaire Naguib Sawiris, turned into losses, recording 92.4 million Egyptian pounds ($5.7 million) during the first nine months of the year from profits of 1.07 billion pounds during the same period in 2018.

As for standalone results, Orascom turned into loss by 295.19 million pounds versus profits of175.1 million pounds during the January-September 2018 period, Egypt Today reported on Sunday.

During the third quarter of 2019, the firm witnessed a regression in its profits to reach 61.15 million pounds, compared with 1.21 billion pounds during the same quarter of 2018.

The firm recorded a consolidated loss during the first half of 2019 at 153.4 million pounds, compared to loss of 141.2 million pounds during the same half of 2018.