Cairo – Mubasher: Orascom Construction on Tuesday reported a 19% year-on-year drop in consolidated profits for the third quarter of 2017 due to lower revenues.

Net profit amounted to $23.5 million in the three months ended September 2017, compared to profits of $ 29.2 million in the prior-year period, the company highlighted in a filing to the Egyptian Exchange (EGX).

Revenues stood at $805.4 million in Q3-17 from $962.1 million in Q3-16.

In the first nine months of 2017, consolidated profits rose 6% to $82.3 million, up from $77.7 million the corresponding period of 2016.

As per standalone financials, net loss increased in the nine-month period of 2017 to $14.9 million from $185,900 in the year-ago period.

Orascom Construction had previously posted a net profit of $27.3 million for Q2-17, compared to $22.6 million in Q2-16.