Orascom Development Sees Q3/2012 Net Loss At CHF 30-35 Mln

First indications show that during the third quarter of 2012 Orascom Development Holding AG (Orascom Development) (ODHN.CA) will continue to report an operating cash flow before interest and taxes of CHF 20-25 million (EGP 131 – 164.18 million).

Furthermore, consolidated revenues are expected to have increased by about 5% versus prior year (3Q 2011: CHF 55.2 million), which is mainly a result of improved income from hotel operations.

Notwithstanding this growth, Orascom Development’s performance was impacted by several extraordinary non-cash items such as provisions for investments and transaction losses. Additionally, increased financing costs and higher deferred taxes are expected to result in a net loss after minorities of CHF 30-35 million (3Q 2011: CHF 5.2 million net loss).

Orascom Development witnessed a pick-up of real estate sales and reservations during September and October 2012 when compared to the first eight months of the year and is cautiously optimistic regarding the
business development towards the end of the year.

The full set of nine months results 2012 will be published on 6 December 2012 as earlier announced.