Cairo – Mubasher: Orascom Investment Holding (OIH) reported an 8.6% year-on-year rise in its losses during the first half of 2019, the company’s consolidated financial results showed.
Net losses increased to EGP 153.4 million in the six-month period ended 30 June, compared to EGP 141.2 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, the company’s operating revenues slid to EGP 792 million in H1-19 from EGP 823 million in H1-18.
At the level of standalone business, the Cairo-based firm incurred losses of EGP 197 million in the January-June period of 2019, compared to EGP 61 million in the prior-year period.
As for the second quarter of 2019, the Egyptian company suffered losses of EGP 74.6 million, up from EGP 19.7 million in Q2-18.
It is noteworthy that during Q1-19, Orascom Investment Holding’s losses fell to EGP 78.86 million from EGP 121.52 million in Q1-18, including minority shareholders’ rights.
