Orascom Construction Q1 net drops 54pc
Cairo, June 11, 2012
Egypt's Orascom Construction (OCI) reported a 54 percent fall in first-quarter net income on Monday, on lower operating margins and after the group took the investment income from its Gavilon Group off its earnings books.
Net profit fell to $94 million from $206.3 million in the same period a year earlier. That compares to a consenus estimate by 14 analysts of $129.5 million.
OCI, the biggest company in Egypt by market value, has managed to keep operating profit growing despite economic turmoil at home as it boosts exports of fertilisers and benefits from infrastructure growth across the Middle East. - Reuters