Orascom Development sees 24.6% revenue jump
Healthy sales growth for high end hotels and accommodation spurs increase
Orascom Development (OD), the Swiss-listed Egyptian property and hotels group, has said its total revenues for the first half of this year jumped 24.6%year-on-year to $138.5m.
This increase was helped by healthy sales growth for high-end hotels and accommodation in most of the nine countries in which it operates.
However, net profits continued to fall due to higher tax and construction costs, the firm said.
Gross profits also dropped to $12.5m from $17min 2011, which the developer blamed on a recent wave of construction costs. Overall net losses in 2011 stood at $72.7m due to the political turmoil in Egypt and elsewhere in the Arab world.
The company has projects in Oman, Jordan and Morocco, and also has developments nearing completion in Montenegro and Switzerland.
