Orascom Development expects to report an 18-20% decrease in consolidated revenues for the year 2013 compared to the same period of last year. Based in first indications Orascom Development further expects a net loss in the range of CHF 145-160 million mainly due to the challenging market environment caused by the political instability in Egypt. The main contributors to the bottom-line loss are: reduced revenues, lower capitalization of financing costs, Egyptian Pound devaluation in addition to provisions, impairments of investments and reassessment of the recoverability of deferred tax assets
First indications show that during 2013 the consolidated revenue of Orascom Development Holding's AG (Orascom Development) decreased in the range of 18-20% compared to the same period of last year. The decrease is mainly resulting from lower hotel operations in Egypt and partly due to lower real estate and construction revenues.
In addition to the reduced turnover, the group's performance was impacted by high overhead costs, lower capitalization of financing costs resulting from reduced construction activities and the devaluation of the EgyptianPound. Furthermore, one-off items including provisions, impairment ofinvestments and reassessment of the recoverability of deferred tax assets have also significantly contributed to the net loss. In sum, Orascom Development expects a net loss after minorities in the range of CHF 145-160 million compared to a CHF 97 million net loss in the same period of last year.
The full set of the year end results for FY 2013 will be published on 15 April 2014 as earlier announced.
First indications show that during 2013 the consolidated revenue of Orascom Development Holding's AG (Orascom Development) decreased in the range of 18-20% compared to the same period of last year. The decrease is mainly resulting from lower hotel operations in Egypt and partly due to lower real estate and construction revenues.
In addition to the reduced turnover, the group's performance was impacted by high overhead costs, lower capitalization of financing costs resulting from reduced construction activities and the devaluation of the EgyptianPound. Furthermore, one-off items including provisions, impairment ofinvestments and reassessment of the recoverability of deferred tax assets have also significantly contributed to the net loss. In sum, Orascom Development expects a net loss after minorities in the range of CHF 145-160 million compared to a CHF 97 million net loss in the same period of last year.
The full set of the year end results for FY 2013 will be published on 15 April 2014 as earlier announced.
Madrid limite l'activité d'Airbnb à un quota de licences d'appartements touristiques