Egypt’s real estate developer Orascom for Hotels and Development has turned from profits to losses in 2016 due to the EGP flotation in November, Invest-Gate reports.

OHD reports a net loss of EGP 499.5 mn in 2016, compared to profits of EGP 206.1 mn in 2015, according to the company’s latest financial statement.

The company’s earnings also hit EGP 396.15 mn in 2016, compared to 759.66 mn EGP a year earlier, the statement shows.