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Orascom Development Holding swings to loss in Q3

Orascom Development Holding AG said its normalized net income for the third quarter amounted to a loss of 2 Swiss centimes per share, compared with 15 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 CHF596,920, compared with income of CHF4.4 million in the year-earlier period.

The normalized profit margin dropped to negative 0.7% from 6.9% in the year-earlier period.

Total revenue climbed 27.3% year over year to CHF81.4 million from CHF64.0 million, and total operating expenses climbed 21.8% from the prior-year period to CHF68.0 million from CHF55.8 million.

Reported net income came to a loss of CHF89,960, or a loss of 0 centimes per share, compared to income of CHF4.8 million, or 17 centimes per share, in the prior-year period.