Orascom Hotels & Development (OHD) reported its 2Q16 financial results. Revenue came in at EGP334mn (-31% Y-o-Y), while gross profit was EGP67.6mn (-65.4% Y-o-Y), translating into a gross profit margin of 20% in 2Q16, down from 40% in 2Q15. Net loss was EGP9.2mn for the quarter, vs. net profit of EGP114.4mn in 2Q15. Revenue was EGP618mn in 1H16 (-34.0% Y-o-Y), gross profit EGP93.4mn (-24.2% Y-o-Y), while net loss was EGP106.0mn (1H15: EGP167.1mn, in net profit). The Y-o-Y weakness in 2Q and 1H results can be attributed to lower land sales, weaker performance by hotel performance, as well as booked currency losses. (Company disclosure)