CAIRO (Reuters) - Egypt's Orascom Construction Industries reported a 31 percent drop in net income for the third quarter, citing a seasonal slowdown in the construction group's work, and said provisioning on several projects hit margins.
Egypt's biggest listed company, which is working with the regulator to split its construction and fertiliser businesses, said on Wednesday net income was $126.8 million.
That was near the top end of analyst forecasts and above the consensus of $119.7 million.
The company said the construction group reported a 4.3 percent fall in its backlog over the previous quarter. The backlog at the end of the third quarter stood at $5.64 billion.
"The group is increasing its focus on the United States' infrastructure programme and petrochemical construction market, in addition to expanding its presence and work in Saudi Arabia and Iraq," it said in a statement.
"We continue to expect strong demand for our fertiliser products supported by strong fundamentals. Farmers in the United States have witnessed record income despite the fall in yields," it added.
OCI said revenues in the quarter rose 1 percent to $1.37 billion compared to a year ago, in line with consensus.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) fell 19 percent to $300.6 million, missing the consensus forecast of $311.7 million.
The firm said natural gas supply to its two plants in Egypt witnessed drastic supply cuts in November arising from unscheduled stoppages in the gas grid for maintenance works.
"The natural gas supply shortfalls will have an impact on our fourth quarter production utilisation rates and results," it said.
Source: http://news.yahoo.com/egypts-oci-reports-31-pct-drop-q3-net-073817117--finance.html
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