Orascom Development Holding turned an EGP 168 million loss in the second quarter of 2016, the company’s consolidated financial results showed, reported Mubasher Egypt.

The second quarter results of 2015 revealed EGP 6.03 million in net loss. For the first half of 2016, the company incurred a net loss of EGP 459 million, compared to EGP 26.4 million in profits for the same period of the previous year, reported Al Mal News.

Net losses for Orascom were recorded at EGP 21.87 million (CHF 2.37 million) in the standalone results, compared to EGP 710.68 million (CHF 77 million) a year ago.