Cairo – Mubasher: Orascom Development Holding (ODH) said it may turn into losses in 2015, as per preliminary financial indicators for consolidated financial results.
The company is likely to register a net loss ranging from EGP 168 million and EGP 184 million (CHF21 million and CHF23 million) for 2015 against a net profit of EGP 324 million (CHF 41.9 million) in 2014.
The company ascribed this to losses from its stakes in Andermatt Swiss Alps AG and Orascom Company for Cooperative Housing. Moreover, the company is negatively affected by the decline in Egyptian hotels’ profits.
Financial results for the first nine months of 2015 showed a net of EGP 270.12 million, compared to EGP 41.62 million for the year-ago period.
