Cairo – Mubasher: Orascom Construction Ltd on Monday unveiled it has turned to losses during the first five months of 2018, recording a net loss of $537,600 from $6.48 million in profits in the period-year period.
Financing revenues retreated to $6 million at the end of May, versus 8.54 million in the same period a year earlier, the company said in a filing to the Egyptian Exchange (EGX).
In June, the Dubai-based The Abraaj Group had sold its 5.4% stake in Orascom Construction, representing nearly 6.256 million shares at $8.30 per share.
The EGX-listed company last reported a net profit of $35 million in the first quarter of 2018, versus $31.5 million in Q1-17.
