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Orascom Investment incurs EGP 141.2m loss in H1

Orascom Investment incurs EGP 141.2m loss in H1
Orascom Investment incurs EGP 141.2m loss in H1

Cairo – Mubasher: Orascom Investment Holding on Wednesday posted it has turned to losses during the first half of 2018.

The company incurred a consolidated loss of EGP 141.2 million in the six-month period ended June, against profits of EGP 359.32 million in H1-17, according to a filing to the Egyptian Exchange (EGX).

Operating revenues amounted to EGP 823.5 million at the end of June, versus EGP 716.5 million in H1-17.

As for the standalone business, the company has turned to losses with EGP 61.04 million in H1-18, compared to profits of EGP 367.7 million in the prior-year period.

It is worth noting that Orascom suffered a consolidated loss of EGP 121.5 million in the first quarter of 2018, against profits of EGP 388.4 million in Q1-17, including minority shareholders’ rights.