Orascom Development Holding AG said its third-quarter normalized net income amounted to a loss of 27 Swiss centimes per share, compared with a loss of 2 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 CHF10.9 million, compared with a loss of CHF596,920 in the year-earlier period.

The normalized profit margin declined to negative 18.0% from negative 0.7% in the year-earlier period.

Total revenue decreased 25.6% on an annual basis to CHF60.6 million from CHF81.4 million, and total operating expenses came to CHF67.4 million, compared with CHF68.0 million in the year-earlier period.

Reported net income totaled a loss of CHF19.4 million, or a loss of 48 centimes per share, compared to a loss of CHF89,960, or a loss of 0 centimes per share, in the year-earlier period.