Cairo – Mubasher: Orascom Development Egypt on Tuesday reported a 9% year-on-year increase in consolidated profits for the first quarter of 2018, recording EGP 83.08 million from EGP 75.9 million.
Revenues surged to EGP 654.9 million in the three-month period ended last March, compared to EGP 493.8 million in Q1-17, the company said in a filing to the Egyptian Exchange (EGX).
Meanwhile, standalone losses grew to EGP 45.9 million in Q1-18, versus losses of EGP 42.57 million in the prior-year period.
The company had achieved a net profit of EGP 391.9 million for the full-year ended December 2017, against a net loss of EGP 499.4 million in 2016, including minority shareholders’ rights.
