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Orascom Development Holding swings to loss in Q1

4980871 said its first-quarter normalized net income amounted to a loss of 35 Swiss centimes per share, compared with 13 centimes per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of CHF14.2 million, compared with income of CHF3.8 million in the year-earlier period.

The normalized profit margin dropped to negative 23.3% from 5.1% in the year-earlier period.

otal revenue fell 18.2% year over year to CHF61.2 million from CHF74.8 million, and total operating expenses climbed 12.8% from the prior-year period to CHF67.0 million from CH Orascom Development Holding AG.