Arab Today, arab today egyptian unrest hits orascom development with loss
Last Updated : GMT 21:28:06
Arab Today, arab today
Arab Today, arab today

Egyptian unrest hits Orascom Development with loss

Arab Today, arab today

Arab Today, arab today Egyptian unrest hits Orascom Development with loss

Cairo - Arabstoday

Swiss-listed Egyptian property and hotels group Orascom Development reported a third-quarter net loss of 2.98 million Swiss francs on Wednesday, hit by political and economic upheaval in Egypt and other parts of the Arab world.The group, which said it made a net profit of 29 million francs in the same quarter of 2010, also posted an 18.9 million-franc net loss for the first nine months of the year, having made a net profit of 76 million francs in the same period last year.Since then the civil uprising that unseated Egypt\'s president, a slump in investment and legal challenges to state land sales have thrown the real estate sector into turmoil.Revenues at the Swiss-listed company, known mostly for building luxury resorts, fell by 57 per cent to 163 million francs in the first nine months of the year.\"The negative impact of the political and economic upheavals in Egypt and the Arab world continued to negatively affect the results of Orascom Development,\" the company said.Hotel revenue slid 40 per cent to 84 million francs as occupancy rates in Egypt slumped by 90 per cent in the nine-months.Real estate and construction revenue tumbled 76 per cent to 41 million francs, with slower construction in two of its main markets, Egypt and Oman.Business in Egypt came to a standstill due to the uprising that toppled President Hosni Mubarak and construction has been slow to pick up but the group, which has been diversifying abroad, said its real estate pre-sales rose by 30 per cent on a year ago.Orascom Development expects to achieve total revenue of 260 to 280 million francs in 2011, it added.An Egyptian court sentenced the executive chairman of Orascom, Samih Sawiris, to two years in jail in August on charges of manipulating the firm\'s stock price.The group later said it had reached a settlement that effectively annuls the jail sentence.Orascom denied the charges and questioned the legal process which led to the ruling, saying it was not given a chance to defend itself or clarify its position, as required by law.The developer said on Wednesday that its administrative expenses surged due to \"provisions for investments in the Middle East and legal charges\" that totalled 17 million francs in the nine-month period. The group did not say what those legal costs were.Orascom added that revaluation of bank balances in foreign currencies led to the loss of another 14 million francs.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egyptian unrest hits orascom development with loss Arab Today, arab today egyptian unrest hits orascom development with loss

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egyptian unrest hits orascom development with loss Arab Today, arab today egyptian unrest hits orascom development with loss

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday