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Unrest impacts Egypt’s Orascom Development

Swiss-listed Egyptian property and hotels group Orascom Development has posted a third-quarter net loss of CHF2.98m ($3.23m), hit by political and economic upheaval in Egypt and other parts of the Arab world, Reuters has reported. The group, which said it made a net profit of CHF29m in the same quarter of 2010, also posted a CHF18.9m-franc net loss for the first nine months of the year, having made a net profit of CHF76m in the same period last year. "The negative impact of the political and economic upheavals in Egypt and the Arab World continued to negatively affect the results of Orascom Development," the company said.