CAIRO: Orascom Hotels and Development (OHD) released its full year 2007 consolidated international financial reporting standards (IFRS) results to end December. The top line grew 120 percent to reach LE 1.9 billion ($0.3 billion), from LE 0.9 billion in 2006.
Hotel revenues grew 68 percent to LE 808 million ($147 million), of which LE 726 million came from core hotel assets (including revenues from the newly acquired stake in Garranah Group) and LE 82 million came from other hotel-related segments, according to a press statement.
Real estate revenues grew 316 percent to reach LE 669 million (121.1 million), in addition to LE 26.6 million ($4.8 million) in land sales. Real estate revenues reflect units completed and contractually delivered throughout the year under IFRS, as opposed to projects recognized on percentage of completion.
Town management and other revenues grew 109 percent to reach LE 391.6 million. The bottom line after minorities increased 98 percent to reach LE 400.4 million ($72.7 million), from LE 202.7 million in 2006.
The gross profit grew 206 percent to LE 723.6 million ($131.6 million), with the margin rising to 38 percent in 2007, compared to 27 percent in 2006. It is worth noting that OHD has undertaken a restatement of its historical earnings in 2005 and 2006, for comparative reasons, and in order to comply with international financial reporting standards (IFRS).
