Cairo-Mubasher: Orascom Hotels & Development (OHD) posted EGP 106.4 million in consolidated net profits for the fiscal year 2014, versus EGP 562.3 million in net losses a year earlier.

Meanwhile, the company’s FY14 standalone financial results showed EGP 27.1 million in net losses, compared with EGP 312.9 million in net losses in FY13.

Orascom Development Holding–AG earlier announced selling 33.3 million shares in its subsidiary OHD at a value of EGP 506 million.