Cairo – Mubasher: Orascom Construction Ltd on Thursday reported a 60.6% year-on-year surge in consolidated profits for the full-year 2017, recording a net profit of $85.1 million from $53 million.

Revenues shrank to $3.6 billion last year, down from $4 billion a year earlier, the company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits retreated to $9.5 million in 2017, against losses of $31.5 million in 2016.

Orascom Construction, which is dual-listed on the EGX and Nasdaq Dubai, had previously posted a net profit of $23.5 million for the three-month period ended September 2017, compared to $29.2 million in the same quarter a year earlier.