PHOTO
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.
The company suffered net losses of EGP 92.4 million in the nine-month period ended 30 September, against net profits of EGP 1.07 billion in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Sunday.
In the meantime, the company’s operating revenues declined to EGP 1.09 billion in the January-September period, compared to EGP 1.18 billion in the corresponding period of 2018.
As for the third quarter of the year, Orascom Investment Holding logged a consolidated net profit of EGP 61.15 million, down from EGP 1.21 billion in Q3-18, and a standalone loss of EGP 98.17 million in the three-month period ended 30 September, against a standalone net profit of EGP 236.14 million in the prior-year period.
At the level of standalone financials for the January-September period, the company swung to net losses of EGP 295.19 million, versus net profits of EGP 175.1 million in the prior-year period.
It is noteworthy that during the first half of 2019, the Egyptian firm incurred consolidated net losses of EGP 153.4 million, compared to EGP 141.2 million in H1-18, including minority shareholders’ rights.
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