Cairo – Mubasher: Orascom Development Egypt on Monday reported a modest increase in consolidated profits for the first nine months of 2018, as compared with the same period last year.

Net profit amounted to EGP 276.06 million in the nine-month period ended September, compared to EGP 268.8 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

Revenues grew to EGP 770.9 million in the January- September period, versus EGP 483.4 million in the prior-year period.

Meanwhile, standalone losses reached EGP 119.27 million at the end of September, against EGP 13.7 million in profit in the corresponding nine-month period of 2017.

Orascom Development previously posted a 4.7% year-on-year increase in consolidated profits for the first half of 2018, recording EGP 184.61 million from EGP 176.29 million.