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Tue 23 Nov 2010 08:26 PM

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Orascom Construction Q3 net profit up 22 percent

Egypt's biggest listed builder and fertiliser maker made a net profit of $147.6 million

Orascom Construction Q3 net profit up 22 percent
Egypts largest companys revenue rose 34 percent to $1.25 billion

Orascom Construction Industries, Egypt's largest company, said third quarter net profit rose 22 percent to $147.6 million.

On Tuesday, the company said: "The outlook for infrastructure awards in the region has improved and bidding activity in the sector has accelerated in the last few months."

Egypt's biggest listed builder and fertiliser maker made a net profit of $147.6 million, compared with an average forecast for $136.5 million in a Reuters poll in which estimates were in a $123-$148.5 million range.

Orascom Construction shares were up 0.3 percent by 0849 GMT, one of just two gainers on the benchmark index which was down 1.1 percent.

The company said revenue rose 34 percent to $1.25 billion. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 31 percent to $266 million.

The value of its backlog of unfinished projects was $600 million in the quarter and $2.1 billion in the nine-month period.

The company noted a surge in global fertiliser prices and said it had witnessed a pick-up in "bid evaluations and new award negotiations" at its construction unit.(Reuters)

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