Cairo – Mubasher: Orascom Investment Holding (OIH) announced succumbing to losses during 2019, the consolidated financial statements showed.

The company incurred net losses of EGP 425.22 million last year, versus net profits of EGP 865.59 million in 2018, including minority shareholders’ rights, according to a bourse disclosure on Wednesday.

Meanwhile, operating revenues retreated to EGP 1.16 billion in 2019, compared to EGP 1.32 billion in the prior year.

Other revenues dwindled to EGP 12.2 million last year from EGP 221.9 million in 2018.

As for standalone business, the company suffered net losses of EGP 253.33 million in 2019, against net profits of EGP 58.79 million a year earlier.

It is worth noting that during the January-September period of 2019, the company suffered net losses of EGP 92.4 million, versus net profits of EGP 1.07 billion in the year-ago period, including minority shareholders’ rights.