Real estate and hotels firm Orascom Development posted a 9 percent drop in nine-month consolidated revenues on Monday, hit by a fluctuating Swiss currency.
The Swiss-listed company, known mostly for building luxury resorts, reported net profit of 76 million Swiss francs ($79 million), up 5 percent from 72 million francs in the same period of 2009.
Orascom, whose main presence is in Egypt, said its total consolidated revenues fell to 380 million Swiss francs from 416 million francs a year earlier.
The drop was "mainly due the impact of currency fluctuations and the appreciation in the Swiss Francs exchange rates in particular, which reduced the group’s revenues by approximately 4 percent," it said in a statement.
Orascom Development, which has projects in the Middle East and Europe in addition to its main base in Egypt, uses the pre-sale of homes as a main source of finance.
The firm’s hotel revenues rose 1.3 percent to 140 million francs, suggesting a global rebound from the economic crisis, the group said in a statement.
By the end of the third quarter, reservations in its Andermatt project in the Swiss Alps jumped 60 percent from the initial sales target, to 62 million francs.
