EQS-Adhoc
Orascom Development Holding AG: gives guidance for the Group 1Q 2016 results and for the results of its Largest Subsidiary; Orascom Hotels and Development (OHD)
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: gives guidance for the Group 1Q 2016 results
and for the results of its Largest Subsidiary; Orascom Hotels and
Development (OHD)
16.05.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
Miscellaneous/Miscellaneous
Orascom Development Holding AG: gives guidance for the Group 1Q 2016 results
and for the results of its Largest Subsidiary; Orascom Hotels and
Development (OHD)
16.05.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
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Press Release
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 on
the same day at 1:30 pm CET.
We 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
Cairo, 16 May 2016 -Orascom Hotels and Development (OHD) reported a
decrease of 37.3% in its revenues to reach EGP 284.0 million compared to
EGP 453.3 million in Q1 2015. The real estate revenue witnessed a healthy
increase of 11.5% from Q1 2015, on the back of accelerated unit deliveries.
Hotel segment operations witnessed a slowdown resulting from the ongoing
Press Release
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 on
the same day at 1:30 pm CET.
We 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
Cairo, 16 May 2016 -Orascom Hotels and Development (OHD) reported a
decrease of 37.3% in its revenues to reach EGP 284.0 million compared to
EGP 453.3 million in Q1 2015. The real estate revenue witnessed a healthy
increase of 11.5% from Q1 2015, on the back of accelerated unit deliveries.
Hotel segment operations witnessed a slowdown resulting from the ongoing
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