UPDATE 1-Swiss-based Orascom Devt’s Q1 profit dips 22 pct

* Fewer completed homes cuts into top, bottom line

* Firm still sees 2010 profit at 120 million Swiss francs

* Swiss shares dip 2.6 percent by 0757 GMT

(Adds more detail and background)

CAIRO, May 17 (BestGrowthStock) – Swiss-based developer Orascom
Development’s (ODHN.S: ) first-quarter net profit fell 22 percent
after its rate of new home completions slowed.

Orascom (ODHR.CA: ), whose main presence is in Egypt, said on
Monday it still aimed to make a profit of 120 million Swiss
francs ($107 million) in 2010, up from 106 million francs in
2009, referring to profit after non-controlling interest.

Swiss-listed shares in the firm were down 2.6 percent by
0757 GMT, when the Swiss Market Index (.SSMI: ) was down 0.3
percent.

The company, known mostly for building and managing high-end
resorts, said revenue from its real estate and construction
operations dropped 17 percent in the first quarter, contributing
to an 8 percent fall in overall revenue.

Orascom said public holidays such as New Year’s day, Coptic
Christmas and the Prophet Mohammed’s birthday shortened the time
available to finish construction in the first quarter of 2010,
without adding further detail.

Revenue from Orascom’s hotel business cushioned the fall,
jumping 28 percent. The firm said occupancy rates were boosted
by a nascent recovery in tourism from the global economic
downturn.

Orascom owns land across the Middle East and Europe, and has
said it expects projects in Morocco, Britain, Romania,
Switzerland and Montenegro to drive future profits.

Orascom, which lists depositary receipts in Egypt, is owned
and run by billionaire Egyptian businessman Samih Sawiris.

The firm posted a net profit after non-controlling interest
of 16.9 million francs in the first quarter of 2010, down from
21.6 million a year earlier.

This compares to a net profit before non-controlling
interest of 23.4 million francs in the first quarter of 2010,
down from 27.9 million a year earlier.

Stock Today

($1=1.117 Swiss Franc)
(Writing by Alexander Dziadosz; Editing by Jon Loades-Carter)

UPDATE 1-Swiss-based Orascom Devt’s Q1 profit dips 22 pct