UPDATE 1-Orascom Dev 9-month revenue dips, net profit gains

* Orascom net profit up 5 pct to 76 mln Swiss francs

* Hotel revenues gain 1.3 pct

* Reservations in Andermatt project jump, exceed sales tgt

(Changes dateline, adds details)

CAIRO, Nov 8 (BestGrowthStock) – Real estate and hotels firm Orascom
Development (ODHN.S: ) 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 (ODHR.CA: ), 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.
($1=.9620 Swiss Franc)
(Reporting by Dina Zayed; Editing by Jon Loades-Carter)

UPDATE 1-Orascom Dev 9-month revenue dips, net profit gains