Egypt’s Orascom Investment Holding (OIH) reported a wider loss in Q2 2019 and a drop in revenue for the quarter.

The company’s Q2 2019 consolidated net loss attributable to shareholders amounted to 68.5 million Egyptian pounds ($4.21 million) compared to 39 million pounds in Q2 2018.

The company was created from a split of assets between Orascom Telecom Holding and VEON, and is majority of the shares are owned by the Sawiris Family.

OIH’s Q2 2019 consolidated operating revenue amounted to 383.4 million pounds, compared to 415.1 million pounds in Q2 2018, a 7.64 percent drop.

For the first half of the year 2019, the company’s consolidated net loss stood at 146.97 million pounds, while it was at 149.83 million pounds for the same period last year.

(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)

(Gerard.aoun@refinitiv.com)

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