Orascom Investment Holding (OIH) turned to losses to incur EGP 92.4 mn in the first nine months of 2019, despite posting profits of EGP 1.07 bn during the same period, including minority rights, Invest-Gate reports.

In the third quarter of 2019, OIH posted EGP 61.2 mn net profits, down from EGP 1.21 bn in the year-ago period. Similarly, revenues for the period stood at EGP 344.3 mn, a decline from EGP 384.6 mn in Q3 2018, according to the company’s recent financial results.

Earlier, the company announced incurring higher net losses of EGP 153.3 mn in the first half of 2019, compared to EGP 141.2 mn recorded during the prior-year period.