The political turmoil in Egypt since the start of the year has taken a heavy toll on company earnings as first half results reveal. Compared to the mayhem and loss of life in Libya and Syria, Egyptians consider that their revolution has come at a reasonable cost: 850 people were killed, but the state has survived and the country’s infrastructure and production facilities have emerged intact.
Even so tourism, investment and consumer confidence have been hit badly. That is largely the story being told, and in particular by one company’s Q1 figures: Orascom Development.
Orascom Development (ODHN:SWX), a builder and operator of luxury resorts, listed in both Egypt and Switzerland, has just reported a net loss of $17.5m compared to a profit of 50.9 million a year earlier. Revenues fell by 62 percent.
No comments:
Post a Comment