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ODH reports net losses in 2015  

Orascom Development Holding (ODH) has reported 2015 revenue of CHF306.1 million, up 22% Y-o-Y, driven by i) increased revenue from the group’s largest subsidiary, Orascom Hotels & Developments (OHD); ii) new hotel opening in Oman; and iii) delivery of the first 10 apartment buildings in Montenegro. The group reported net losses of CHF19 million (2014: CHF41.9 million in profits), the main contributors of which are: i) increased losses from Andermatt Swiss Alps; ii) increases losses from Orascom Housing Communities; iii) lower profitability of the hotel segment in Egypt; iv) one-time provisions; and v) foreign exchange losses. (Company disclosure)

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