Cairo – Mubasher: EGX and Dubai-listed contractor, Orascom Construction Ltd (OC), logged a net loss of $334.4 million (EGP2.961 billion) in the fiscal year 2015, the unaudited consolidated financial statements indicated.
Meanwhile, the unaudited standalone results revealed that OC registered a net profit of $30.4 million (EGP269.2 million) in 2015.
In a bourse filing, Osama Bishai, CEO of Orascom Construction, said one-off losses from a project to build a huge fertilizer plant in U.S “have weighed on our financial performance this year, overshadowing the success of other major parts of the business".
The company is presently looking for new investment opportunities in the Middle East and Africa, said Bishai, adding that OC is likely to achieve profits up to $900 million in the first quarter of 2016.
Moreover, OC bourse filing showed that the board of directors proposed to freeze FY15 dividend payout, while shareholders will consider distributing temporary cash dividends for the second half of 2016.
In the first nine months of 2015, the company’s net profit after and before tax was $70 million and $98.7 million respectively.
On Tuesday, the stock was quoted 0.57% higher to EGP59.5 by 10:38am Cairo time.
