Cairo – Mubasher: Orascom Construction Ltd, which is listed on Egypt’s bourse and NASDAQ Dubai, said net profits for the first quarter of 2015 amounted to $9.5 million.

Meanwhile, the company’s Q1 revenues reached $857.8 million, of which 35% and 52% were contributed by Egypt and US operations respectively.

The group’s net cash reached $26 million, compared with $97.1 million in net debt in January, 2015, and compared with $164.3 million on  30 September 2014.

The company ascribed the decline in debt, in addition to the capital increase, to repaying debts in Egypt through a public offering on the Egyptian Exchange.

The recent period testifies to the joint efforts made by the company’s project development and execution teams, with the aim of seizing solid growth opportunities and carrying out major projects,” said CEO Osama Beshay.