Cairo – Mubasher: Orascom Investment Holding (OIH) announced turning to losses during the first nine months of 2019, according to the company’s consolidated financial statements.

The company suffered net losses of EGP 92.4 million in the nine-month period ended 30 September, against net profits of EGP 1.07 billion in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Sunday.

In the meantime, the company’s operating revenues declined to EGP 1.09 billion in the January-September period, compared to EGP 1.18 billion in the corresponding period of 2018.

As for the third quarter of the year, Orascom Investment Holding logged a consolidated net profit of EGP 61.15 million, down from EGP 1.21 billion in Q3-18, and a standalone loss of EGP 98.17 million in the three-month period ended 30 September, against a standalone net profit of EGP 236.14 million in the prior-year period.

At the level of standalone financials for the January-September period, the company swung to net losses of EGP 295.19 million, versus net profits of EGP 175.1 million in the prior-year period.

 It is noteworthy that during the first half of 2019, the Egyptian firm incurred consolidated net losses of EGP 153.4 million, compared to EGP 141.2 million in H1-18, including minority shareholders’ rights.