OREANDA-NEWS. Orascom Development Holding (ODH) Gives Guidance for Q1 2016, and Reports Q1 2016 Results for its Egyptian Largest Subsidiary; Orascom Hotels and Development (OHD)

Orascom Development Holding expects to report a 17-20% decrease in its consolidated revenues for the First Quarter 2016 compared to the same period last year.  ODH expects a net loss in the range of CHF 26-28 million compared to a net profit of CHF 3.4 million in Q1 2015.  The full-fledged Q1 2016 financial results & statements will be published as announced on the 19th of May.  Management will also hold the earnings conference call onthe same day at 1:30 pm CET.

ODH have attached below Orascom Hotels and Development (OHD)'s Q1 2016 earnings release as reported on the Egyptian Stock Exchange.

OHD ("Orascom Hotels and Development") (EGX ORHD.CA) has released its consolidated financial results for its three months ended 31st of March 2016.

Orascom Hotels and Development; Egypt's Premier Resort Developer Results were impacted by FOREX Losses and Decrease in Land Revenues.
  - Revenues decreased by 37.3% to reach EGP 284.0 million compared to EGP 453.3 million in Q1 2015, mainly resulting from the decrease in land
    revenues.
  - An increase in real estate revenues by 11.5% in Q1 2016 to reach EGP 66.1 million compared to EGP 59.3 million in Q1 2015, on the back of expedited deliveries.
  - A tough beginning for the hotel segment, resulting from the continuous flight suspensions on Egypt by Russia amongst other European countries, yet still outperforming the market.
  - On track with the refinancing package negotiations with the banks, opting for a 3 years grace period, to be finalized by June/July 2016.
  - Successfully launched El Gouna "State of Mind" marketing campaign and positioning