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Orascom likely to admit sharp profit decline, say experts
- Egypt: Thursday, September 06 - 2012 at 12:29
Analysts have said Egypt's Orascom Construction Industries (OCI) is likely to report a sharp annual decline in second quarter profits, due to falling margins in its fertiliser and building operations, Ahram has reported. A note from Cairo-based investment bank Beltone Financial on Wednesday forecast net profits for Egypt's largest-listed firm of $105m, up 11.6% on the first quarter but down 36.5% year-on-year. On a quarterly basis, however, Beltone predicts a slight climb, helped by the short-term improvement of fertiliser production margins spurred by recent, favourable prices for core materials urea and ammonia. OCI's consolidated top-line for the second quarter may hit $1.389bn, reflecting quarter-on-quarter growth of 8.6%, and a milder annual decline of 5.7%, said the Cairo-based investment bank.
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