Cairo – Mubasher: Orascom Construction Ltd (OCL) on Thursday posted a 20.8% year-on-year surge in profits for the second quarter of 2017.
The company said in a statement the Egyptian Exchange (EGX) that it achieved net profits of $27.3 million in Q2-17, compared to $22.6 million in Q2-16.
The firm’s consolidated financial statements showed a decline in the cost of sales by 9.12% to reach $866.1 million in Q2-17, versus $953 million in the prior-year period.
In the first half of 2017, consolidated profits grew 21.24% to $58.8 million, compared to $48.5 million in H1-16, including minor shareholders’ rights.
OCL’s standalone financial statement had previously shown turning to profitability with $6.15 million in H1-17, versus losses of $3.64 million in H1-16.
