Orascom Construction’s profit slides 26% in Q1-20

The dually-listed firm generated $827.6mln in revenue

  

Cairo –  The consolidated financial statements of Orascom Construction PLC, listed on Nasdaq Dubai and the Egyptian Exchange (EGX), showed a 26% year-on-year profit decrease during the first quarter of 2020.

The company reported net profits of $24.9 million in the January-March period, compared to $33.7 million in the same period of 2019, according to a bourse statement on Thursday.

The dually-listed firm generated $827.6 million in revenue during the first three months of the year, up from $705.6 million in the corresponding period a year earlier.

As for standalone business, Orascom Construction suffered net losses of $1.993 million in Q1-20, against net profits of $1.752 million in Q1-19.

It is noteworthy to mention that during 2019, the company’s net profits slid to $131.1 million from $154.7 million in 2018.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities