Orascom Development Holding AG said its normalized net income for the second quarter amounted to 7 Swiss centimes per share, a decrease of 89.8% from 69 centimes per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was CHF2.0 million, a decrease of 89.8% from CHF19.8 million in the year-earlier period.

The normalized profit margin dropped to 2.3% from 38.9% in the year-earlier period.

Total revenue grew 76.5% on an annual basis to CHF89.7 million from CHF50.8 million, and total operating expenses increased 32.9% on an annual basis to CHF74.6 million from CHF56.1 million.

Reported net income fell 97.8% on an annual basis to CHF569,290, or 2 centimes per share, from CHF26.5 million, or 93 centimes per share.