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Orascom Development Holding Q4 loss widens 30.0% YOY

Orascom Development Holding AG said its fourth-quarter normalized net income came to a loss of 22 Swiss centimes per share, compared with a loss of 18 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 CHF6.8 million, compared with a loss of CHF5.2 million in the year-earlier period.

The normalized profit margin declined to negative 11.6% from negative 8.0% in the year-earlier period.

Total revenue fell 8.8% year over year to CHF60.1 million from CHF65.9 million, and total operating expenses decreased 8.2% from the prior-year period to CHF72.3 million from CHF78.7 million.

Reported net income totaled a loss of CHF23.0 million, or a loss of 76 centimes per share, compared to income of CHF5.5 million, or 19 centimes per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 13 centimes per share, compared with a loss of 62 centimes per share in the prior year.

Normalized net income was a loss of CHF3.6 million, compared with a loss of CHF17.7 million in the prior year.

Full-year total revenue increased 22.2% on an annual basis to CHF306.1 million from CHF250.5 million, and total operating expenses rose 6.2% year over year to CHF274.4 million from CHF258.3 million.

The company said reported net income totaled a loss of CHF19.1 million, or a loss of 66 centimes per share, in the full year, compared with income of CHF41.9 million, or CHF1.47 per share, the prior year.