(2014-08-26) Orascom Development records 1H2014 profit of CHF 31.5 m
Orascom Development Holding AG's (ODHN) (Orascom Development) revenues increased in 1H 2014 by 2% to CHF 120.6 million (1H 2013: CHF 118.3 million), as strong Real Estate & Construction revenues compensated for a weaker hotel performance. The net profit attributable to shareholders of the company reached CHF 31.5 million after a CHF 48.0 million loss in the same period last year. The result was significantly impacted by delivering on the Group's cost savings initiatives by achieving CHF 20 million of overhead savings compared to FY 2012 cost base, one-off gains related to the settlement of the Falcon case (CHF 52.6 million) and the deemed loss of control of OHC and its subsidiaries (CHF 9.4 million). The adjusted EBITDA for the period was CHF 10.7 million (1H 2013: 1.6 million). Revenues in Real Estate & Construction segment more than doubled compared to prior year