Cairo – Mubasher: Orascom Construction Ltd (OC) net profit for the first quarter of 2016 fell 22.4% year-over-year to $26.4 million from $34 million, according to a statement issued on Wednesday

Over the first six-month period, net profit reached $49.4 million, higher 24.1% from $39.8 million for the year-ago period.

The value of under-construction projects was hiked 4.8% to $7.54 billion in the first six months, backed by the new $2.2 million contracts signed in Egypt and United States of America, said the company dually listed in Nasdaq Dubai  and Cairo bourse.

Over the first quarter, the construction firm earned $23 million, thus registering a surge of 296.6% as compared to $5.8 million profits in Q1-15, the consolidated results revealed.

The company's fiscal year extends from 1 January to 31 December on Dubai and Cairo bourses.