Egypt's Orascom Hotels' H1 profit rises 11.8 pct

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Egypt's Orascom Hotels' H1 profit rises 11.8 pct
Egypt's Orascom Hotels' H1 profit rises 11.8 pct
Category: Africa Indian Ocean This is a press release selected by our editorial committee and published online for free on 2007-08-17 Orascom Hotels & Development, the leading town developer, is delighted to announce its audited consolidated financial results for the period ending June 30th 2007. H1 FY2007 Overview Total consolidated revenues for H1 2007 increased by an impressive 55% reaching EGP578 million compared to EGP374 million for H1 2006. Gross operating profit increased by 54% reaching EGP305 million as opposed to EGP198 million realized for the same period last year. EBITDA increased by a staggering 105% to record EGP194 million as compared to EGP95 million along an improved margin of 34% compared to 25% last year. Normalized profits (profits from continuing operations) achieved a remarkable growth of 229% reaching EGP143 million compared to EGP43 million for H1 2006. The normalized profits were reached by deducting the balance of EGP84 million from H1 2006 net profits. This balance relates to the sale of one of our trading land banks and was deducted to show a comparable figure of recurring income for H1 2006 & H1 2007. Net debt was reduced to EGP20 million compared to EGP391 million for the same period last year, in reflection to the proceeds of US$100 million raised from the private placement which took place last November and was available for utilization during Q2 2007. Leverage ratio should be back to its normal levels as we develop more of our international projects.