Cairo – Mubasher: Orascom construction Plc, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, is in negotiations with the Egyptian government to establish the 6th of October - new capital monorail project.

No agreement has been reached yet, the international engineering and construction contractor said in a statement to the EGX on Monday, responding to published reports stating that a consortium led by Orascom Construction PLC has been chosen to construct the 6th of October - new capital monorail.

The consortium, which also includes Arab Contractors and Canada’s Bombardier, is still in talks to establish two high-speed monorail lines with lengths of 52 kilometres and 42 kilometres.

During the first quarter of 2019, Orascom Construction logged a net profit of $33.7 million, compared to $35 million in the year-ago period.

Year-on-year, revenues slid 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, versus losses of $1.04 million in Q1-18.