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Orascom Construction logs $33.7m profit in Q1

Orascom Construction logs $33.7m profit in Q1
Revenues retreated to $705.6 million in Q1-19
Orascom Construction
-0.19% 5.30 -0.01

Cairo – Mubasher: Orascom construction Plc, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, reported a 3.7% year-on-year drop in its consolidated profits during the first quarter of 2019.

Net profits registered $33.7 million in the three-month period ended 31 March, compared to $35 million in the year-ago period, the international engineering and construction contractor said in a statement to the EGX on Wednesday.

Year-on-year, revenues retreated to $705.6 million in the January-March period of 2019 from $756.8 million.

As for standalone business, the company turned into profits of $1.8 million in Q1-19, against losses of $1.04 million in Q1-18.

For the full-year 2018, Orascom logged a profit of $154.7 million, compared to $85.1 million in the previous year.

Sales slid to $3.01 billion last year from $3.67 billion in 2017.