Orascom: expected losses by 15% in first quarter

Orascom, a company owned by Egyptian businessman Samih Sawiris, expects a loss in the first quarter of 2016 between 26 and 28 million francs. The figure represents approximately the entire loss of 2015, announced Monday the holding company that builds and operates real estate, especially in Andermatt (UR). The final figures will be announced on Thursday. In addition to the loss, the company expects a decline in turnover from 17% to 20%.

The cause is mainly attributable to the negative performance of the Egyptian company Orascom Hotels and Development (OHD), which belongs to that in Switzerland. Egyptian hotels continue to suffer from the harsh decline in number of foreign tourists post the Russian aircraft crash in October 2015, negatively affected our hotels performance, yet El Gouna hotels were still able to outperform the market.

The company instead announced that the marketing campaign El Gouna "State of Mind" has brought great benefits of the Real Estate sector, registering a 11.5% increase in the first quarter of 2015 only.