Cairo – Mubasher: Orascom Investment Holding (OIH) posted a 35.1% year-on-year drop in its consolidated losses for the first quarter of 2019.

Net losses amounted to EGP 78.86 million in Q1-19, compared to EGP 121.52 million in Q1-18, according to the company’s filing to the Egyptian Exchange (EGX) on Tuesday.

The Cairo-based firm owned by billionaire Naguib Sawiris generated EGP 408.98 million in revenues during the first three months of 2019, versus EGP 409.52 million in the same period of the previous year.

As for standalone business, the company suffered a loss of EGP 129.57 million in the three-month period ended March, from EGP 33.96 million in the corresponding period in the year before. 

For the 12-month period ended 31 December 2018, OHI logged EGP 865.59 million in profits, versus EGP 453.12 million in 2017, including minority shareholders’ rights.