Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Unrest pushes Orascom Development into loss
Published in Daily News Egypt on 30 - 03 - 2012

CAIRO: Swiss-listed Egyptian property and hotels group Orascom Development on Friday reported a full-year net loss of 69.7 million Swiss francs ($76.82 million), due to the political turmoil in Egypt and elsewhere in the Arab world last year.
The firm, known mostly for building luxury resorts, took extraordinary charges in 2011 of 82.8 million francs, which included provisions, revaluation of investment properties, and legal fees connected to the political events in Egypt.
Orascom Development made a profit of 94.9 million francs in 2010, after minority interests.
Following the civil uprising that unseated Egypt's president in February 2011, a slump in investment and legal challenges to state land sales have thrown the real estate sector into turmoil. An exodus of tourists has also made life tough for resort developers.
Orascom Development said revenues in its hotels segment fell 29 percent due in part to one month of virtually zero occupancy in Egypt's El Gouna and Taba Heights during the first quarter of 2011 and also because guests traded down from five-star to four-star hotels.
It also said its real estate and construction segment revenues fell 71 percent due to a 50-day halt in construction activities in Egypt and a slowdown in demand for homes.
"Uncertainties regarding the political progress in the MENA (Middle East North Africa) region, the global economic development and international credit markets continues. Nevertheless, Orascom Development expects a more dynamic development in the second half of the year," the firm said in a statement.
The firm said credit agreements of 125 million francs finalized in January would enable it to finance all its planned activities for 2012, but did not detail the plans.


Clic here to read the story from its source.