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Orascom Construction's income falls 28%
- Egypt: Sunday, September 09 - 2012 at 11:37
Egypt's Orascom Construction (OCI) has reported a 28% fall in net income for the second quarter, pulled lower by start-up costs at new fertiliser factories, as it prepares to split the two businesses, Reuters has reported. The country's biggest-listed company saw its net income decline to $119.4m, compared with $165.2m a year earlier, which the company also blamed on a higher effective tax rate because of a bigger contribution to earnings from its European operations. OCI said its construction business would increase its focus on infrastructure programmes in Saudi Arabia and Iraq after reporting a 9.2% decline in its backlog of orders from the first quarter to $5.89bn.
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StaffSunday, September 09 - 2012 at 11:37 UAE local time (GMT+4)
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