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Orascom Development Holding swings to profit in Q1

4980871 said its first-quarter normalized net income was 13 Swiss centimes per share, compared with a loss of 14 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 CHF3.7 million, compared with a loss of CHF4.0 million in the year-earlier period.

The normalized profit margin rose to 5.1% from negative 5.8% in the year-earlier period.

Total revenue grew 7.2% year over year to CHF74.8 million from CHF69.8 million, and total operating expenses declined 12.0% from the prior-year period to CHF59.4 million from CHF67.6 million.

eported net income fell 33.3% on an annual basis to CHF3.4 million, or 12 centimes per share, from CHF5.1 million, or 18 centimes per share.Orascom Development Holding AG

4980871 said its first-quarter normalized net income was 13 Swiss centimes per share, compared with a loss of 14 centimes per share in the year-earlier period.