Orascom Development suffers EGP 499.5m losses in FY16

Cairo – Mubasher: Orascom Hotels and Development’s consolidated financial statements for fiscal year 2016 showed a net loss of EGP 499.5 million, against a consolidated net profit of EGP 206.1 million for FY15.

Standalone net losses reached EGP 181.8 million in FY16, versus a net profit of EGP 382.18 million for FY15, according to a bourse filing released on Thursday.

Standalone revenues decreased in FY16 to EGP 396.15 million from EGP 759.66 million for FY15.

Consolidated foreign exchange losses amounted to EGP 160.1 million in FY16.

Mubasher Contribution Time: 20-Apr-2017 08:57 (GMT)
Mubasher Last Update Time: 20-Apr-2017 09:08 (GMT)

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