OCI posts 31% fall in Q3 profit
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OCI posts 31% fall in Q3 profit

OCI posts 31% fall in Q3 profit

Egypt's Orascom Construction Industries (OCI) has reported a 31% drop in net income for the third quarter, citing a seasonal slowdown in the construction group's work, and said provisioning on several projects hit margins, Reuters has reported. Egypt's biggest listed company, which is working with the regulator to split its construction and fertiliser businesses, said net income was $126.8m. The company said the construction group reported a 4.3% fall in its backlog over the previous quarter. The backlog at the end of the third quarter stood at $5.64bn.

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