Orascom Development Holding AG
Orascom Development Holding AG
- ISIN: CH0038285679
- Land: Schweiz
Nachricht vom 17.08.2012 | 07:00
Orascom Development Holding AG: Orascom Development expects to report higher revenues for the first half year 2012 while net profit is anticipated to fall below last year's level
Orascom Development Holding AG / Key word(s): Miscellaneous 17.08.2012 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Press Release Orascom Development expects to report higher revenues for the first half-year 2012, while net profit is anticipated to fall below last year's level Orascom Development expects a 20-25% increase in group revenues in the first half-year 2012 compared to the first half-year 2011. Based on first indications consolidated net profit is anticipated to remain below last year's level, mainly due high construction costs related to real estate, higher tax payments and the impairment of some investments in associates. Altdorf/Cairo, 17 August 2012 - First indications show that during the first half-year 2012 Orascom Development Holding AG (Orascom Development) increased consolidated revenues in the range of 20-25% compared to the same period of last year. Notwithstanding this significant growth, the group's performance was impacted by high construction costs related to real estate which is expected to result in a reduced gross profit as compared to last year. First indications show higher tax payments and the impairment of some investments in associates for the amount of CHF 10-15 million. In sum, Orascom Development expects a net loss in the range of CHF 20-30 million compared to a CHF 16 million loss in the same period last year. The exact amount of the loss depends on the reversal of provisions. The full set of half year results 2012 will be published on 29 August 2012 as earlier announced. On the same day the group will hold a press conference and analyst/investor conference call to inform about the details of the results and to provide an update on the Andermatt project. About the Group Orascom Touristic Establishments (OTE) was established in 1989 setting the first step in building the Group's track record in the development of integrated towns. After some name changes and reorganization, the main business was held under Orascom Hotels & Development (OHD). Since the settlement of the public exchange offer by Orascom Development for OHD in May 2008, Orascom Development Holding AG (Orascom Development) became the new parent of OHD. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Orascom Development is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over nine jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro, United Kingdom and Romania). The Group currently operates six destinations; three in Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab Emirates and Jebel Sifah and Salalah Beach in Oman. Disclaimer & Cautionary Statement The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding AG's plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser. Contact: Contact Investor Relations Till Leisner +41 41 874 88 07 Sara El Gawahergy +2 01 205 20 52 18 firstname.lastname@example.org Contact Media Relations Philippe Blangey +41 43 268 32 35 email@example.com 17.08.2012 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Orascom Development Holding AG Gotthardstraße 12 6460 Altdorf Switzerland Phone: +41 41 874 17 17 Fax: +41 41 874 17 07 E-mail: firstname.lastname@example.org Internet: www.orascomdh.com ISIN: CH0038285679 Swiss Security Number: A0NJ37 Listed: SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------
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