Orascom Development Holding posted a nine-month loss of 75.7 million Swiss francs (Dh306m), as weaker hotel performance in Egypt hit the company’s earnings.
The company’s consolidated revenues for the period dropped 13.2 per cent to 164.7 million Swiss francs.
“The civilian unrest that took place on the 30th of June 2013 and the subsequent events which led to the declaration of a state of emergency and to the imposition of a nighttime curfew have all again pushed several countries to issue travel bans on Egypt,” Orascom said in a statement.
“[This] has decreased tourism rates significantly, compared to the same period last year. These conditions directly impacted our hotel businesses,” Orascom added.
However the compay still issues an upbeat outlook for 2014.
It hopes that after Egypt drafts a new constitution and its parliamentary and presidential elections take place, the country will be able to restore security once again.
“Should the latter positive events materialise, we believe that the group is fundamentally well positioned, with a solid portfolio of hotels and real estate infrastructure as well as cost savings and monetisation programmes on track,” it said.
In July 2013, Orascom launched a cost savings programne to cut its total costs by 50m Swiss francs until the end of next year. The company has saved 38.5m Swiss francs so far and says it is committed to its target.
Orascom said it was on track with the opening of three hotels by the end of this year. It expects to open The Chedi Andermatt hotel in Switzerland, a Rotana hotel in Oman, and a hotel in Egypt’s Makadi Bay near the Red Sea city of Hurghada.
selgazzar@thenational.ae
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
COMPANY%20PROFILE
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RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
Kill%20
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Playing records of the top 10 in 2017
How many games the top 10 have undertaken in the 2017 ATP season
1. Rafael Nadal 58 (49-9)
2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
5. Novak Djokovic 40 (32-8)
6. Alexander Zverev 60 (46-14)
7. Marin Cilic 43 (29-14)
8. Dominic Thiem 60 (41-19)
9. Grigor Dimitrov 48 (34-14)
10. Kei Nishikori 43 (30-13)
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.