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Egypt’s Orascom Development Q1 profit drops dramatically

Egypt's Orascom Development has said its first-quarter net profit fell to $719,200 from $31.7m a year earlier, Reuters has reported. Consolidated revenue fell by 55% to $63.27m. "Financial results of Orascom Development for the period ending 31 March 2011 were heavily impacted by the political turmoil in Egypt while the performance in other destinations was solid," the company said on its website.