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| OCI begins 2008 with a record quarter Egypt-based Orascom Construction Industries (OCI) reported results for the first quarter of fiscal year 2008, ended March 31, 2008. Consolidated revenue grew 33.1% to US$ 723.8 million (LE 4,011.4 million) versus US$ 544.0 million (LE 3,104.5 million) in Q1 2007. EBITDA from continuing operations rose 83.2% to US$ 169.6 million (LE 940 million) versus US$ 92.6 million (LE 528.4 million) in Q1 2007. Consolidated EBITDA margin increased by 640bps to 23.4% versus 17.0% in Q1 2007. Consolidated backlog reached a record US$ 6.8 billion, reflecting growth of 44.7% over the backlog as at December 31 2007 and 166.8% growth over the same time last year. Net income from continuing operations grew 186.9% to US$ 197.3 million (LE 1,093.2 million) versus US$ 68.7 million (LE 392.3 million) in Q1 2007. The gain on the sale of discontinued operations of Egyptian Container Handling Company (ECHCO) was US$ 255.0 million (LE 1,413.5 million). Consolidated net income for Q1 2008 grew 224.0% to US$ 454.4 million (LE 2,518.1 million) versus US$ 140.3 million (LE 800.4 million) in Q1 2007. write your comments about the article :: © 2008 Construction News :: home page |