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Orascom Construction profits slip 23% in H1

Orascom Construction profits slip 23% in H1
Consolidated profits amounted to $67.2 million in H1-19
Orascom Construction
OC
-2.49% 4.30 -0.11

Cairo – Mubasher: Orascom Construction Plc, listed on the Egyptian Exchange and Nasdaq Dubai, reported a 23% year-on-year decline in consolidated profits for the first half of 2019.

Consolidated profits amounted to $67.2 million during the six-month period ended 30 June 2019, versus $87 million in H1-18, the company said in a statement to the (EGX) on Tuesday.

The company’s consolidated revenue fell to $1.4 billion in H1-19 from $1.5 billion in the corresponding period of 2018.

During the second quarter of 2019, profits stood at $33.5 million, down 35% from $52 million in Q2-18.

At the level of the standalone business, the dual-listed firm has logged a profit of $3.16 million in H1-19, against a loss of $1.4 billion in the same period of 2018.

Orascom Construction previously posted a net profit of $33.7 million for Q1-19, compared to $35 million in the prior-year period.