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Orascom Development Holding swings to loss in Q2

Orascom Development Holding AG said its second-quarter normalized net income came to a loss of 19 Swiss centimes per share, compared with 7 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 a loss of CHF7.8 million, compared with income of CHF2.0 million in the year-earlier period.

The normalized profit margin declined to negative 16.2% from 2.3% in the year-earlier period.

Total revenue decreased 46.3% year over year to CHF48.2 million from CHF89.7 million, and total operating expenses decreased 26.0% on an annual basis to CHF55.2 million from CHF74.6 million.

Reported net income came to a loss of CHF14.9 million, or a loss of 37 centimes per share, compared to income of CHF569,290, or 2 centimes per share, in the year-earlier period.