Orascom Development Ratifies FY/12 Business Results Today

Orascom Development Holding AG (Orascom Development) (ODHN.CA) will be holding today its annual general meeting to discuss the ratification of its standalone and consolidated financial statements besides its business results for the fiscal year that ended on December 31, 2012. The company will also tackle in its meeting today the board and auditors’ reports.

Board members will be discharged from liability for the same FY. Board members will be re-appointed.

Orascom Development’s FY/12 consolidated business results revealed a net loss of CHF 101.35 million, compared to net loss of CHF 76.43 million for the same period a year ago.

Meanwhile, the company’s FY/12 standalone business results showed a net loss of CHF 97.2 million, opposed to a net loss of CHF 69.7 million a for the same period a year ago, representing an increase in the company’s losses of 39.45%.