Cairo – Mubasher: Orascom Hotels and Development turned into losses in the second quarter of 2016, according to a bourse filing.
Q2 net losses reached EGP 17.78 million ($2 million), against a net profit of EGP 107.54 million ($12 million) for the year-ago quarter, the consolidated results revealed.
Further, the company logged EGP 135.77 million losses in the first six months of 2016 versus EGP 154.73 million profits for the year-ago period.
According to the unconsolidated results, the company suffered EGP 4.85 million losses in the first half of 2016, against EGP 230.74 million profits for the first half of 2015.
By 10:12am Cairo time, the stock quote declined 1.71% to EGP 5.17 after 18,000 shares were traded at EGP 93,000 on Monday.
