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FINANCIAL NEWS
Orascom Development net profit down 98%
07 Jun 2011
(MENAFN) Orascom Development said that due to the political unrest in Egypt, in the first quarter, the company’s net profit went down by 98 percent reaching USD717,890 from USD31 million in the same quarter a year ago, reported The National.
The company added that hotel revenue slipped by 40 percent since occupancy rates in its hotels in Egypt went down to 42 percent, adding that it owned main tourism developments in the country that included El Gouna resort on the Red Sea.
It also said that the turmoil in Egypt had a negative impact on its property revenue which slipped 71 percent from the same quarter last year, whereas construction activity was postponed for fifty days during the period of the political unrest.
It is worth noting that Orascom Development has projects in Montenegro and the UK and is developing a ski resort in Switzerland. It owns the Cove Rotana hotel in Ras al Khaimah, in addition to other hotel operations in the UAE and Jordan.
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