Cairo – Mubasher: Orascom Development Holding swung profits into losses during the second quarter of 2016, according a bourse filing.

The company suffered a net loss of CHF 18.4 million (EGP 168 million) in Q2 against CHF 660,000 (EGP 6.03 million) registered in Q2-15.

On a six-month basis, net losses stood at CHF 50.27 million (EGP 459 million) in the first half versus CHF 2.89 million (EGP 26.4 million) for the prior-year period.

Moreover, the standalone results revealed that CHF 2.37 million losses were logged in the first half as compared to CHF 77 million losses for the year-ago period.