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) - Seite 2
travel bans on Egypt, yet our hotels in El Gouna were still able to
outperform the market. The drop in total revenues was mainly driven by the
decrease in the land revenue segment to reach EGP 29.0 million compared to
EGP 189.2 million in Q1 2015.
Total deferred revenue from real estate that is yet to be recognized until
2018 increased significantly by 49.6% from to EGP 452.7 million in Q1 2015
to EGP 677.3 million in Q1 2016. Based on the positive momentum witnessed
in the real estate segment, the company decided to be more selective in
terms of land sales moving forward, opting to create the maximum value
possible for its shareholders.
The company recorded a net loss attributable to shareholders of EGP 96.7
million compared to a net income of EGP 52.7 million in Q1 2015. The
results were impacted by FOREX losses of EGP 69 million in addition to the
decrease in land revenues.
On the other hand, we successfully launched El Gouna "State of Mind"
marketing campaign and have received very positive reviews from several
marketing critique channels.
Real Estate revenues witnessed a positive increase of 11.5% to reach EGP
66.1 million vs. EGP 59.3 million in Q1 2015 driven by the expedited unit
deliveries in Joubal project in El Gouna.
The accelerated construction activities was one of the main achievements of
the quarter, which allowed earlier recognition of revenues and earlier cash
collection of the 10% client delivery payment. We managed to deliver more
units in Joubal during the quarter than what was originally planned. We are
currently at the final stages of finalizing the design for Makadi's
Clubhouse, permits have been submitted and construction commenced on site
in April 2016.
Value of contracted units declined to reach EGP 92.4 million in Q1 2016
compared to EGP 115.7 million in Q1 2015. Nevertheless, we are currently
capitalizing on the great success of the newly launched Fanadir Bay project
in El Gouna that we launched in April 2016 with a total inventory of USD
60.0 million.
Deferred revenue has increased by 49.6% to reach EGP 677.3 million in Q1
2016 compared to EGP 452.7 million in Q1 2015. In addition, our real
estate cash collections reached EGP 83.6 million in Q1 2016.
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.
Egyptian Government officials reported a 45% decline in the number of
million compared to a net income of EGP 52.7 million in Q1 2015. The
results were impacted by FOREX losses of EGP 69 million in addition to the
decrease in land revenues.
On the other hand, we successfully launched El Gouna "State of Mind"
marketing campaign and have received very positive reviews from several
marketing critique channels.
Real Estate revenues witnessed a positive increase of 11.5% to reach EGP
66.1 million vs. EGP 59.3 million in Q1 2015 driven by the expedited unit
deliveries in Joubal project in El Gouna.
The accelerated construction activities was one of the main achievements of
the quarter, which allowed earlier recognition of revenues and earlier cash
collection of the 10% client delivery payment. We managed to deliver more
units in Joubal during the quarter than what was originally planned. We are
currently at the final stages of finalizing the design for Makadi's
Clubhouse, permits have been submitted and construction commenced on site
in April 2016.
Value of contracted units declined to reach EGP 92.4 million in Q1 2016
compared to EGP 115.7 million in Q1 2015. Nevertheless, we are currently
capitalizing on the great success of the newly launched Fanadir Bay project
in El Gouna that we launched in April 2016 with a total inventory of USD
60.0 million.
Deferred revenue has increased by 49.6% to reach EGP 677.3 million in Q1
2016 compared to EGP 452.7 million in Q1 2015. In addition, our real
estate cash collections reached EGP 83.6 million in Q1 2016.
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.
Egyptian Government officials reported a 45% decline in the number of
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