Cairo – Mubasher: Orascom Hotels and Development (OHD) said the company lost EGP117.99 million ($13.32 million) in the first quarter of 2016 according to the consolidated results.
For the year-ago quarter, the company registered a net loss of EGP 47.19 million ($5.33 million), thus turning into losses in Q1-16.
The unconsolidated results also indicated that the company logged a net loss of EGP 49.3 million in Q1-16, compared with EGP 90.45 million in Q1-15.
During 2015, OHD earned EGP 206 million, up 94% year-over-year from EGP 106.4 million.
Earlier, EGX listing committee approved a request from Orascom Hotels & Development (OHD) to proceed with its capital decrease.
