EARNINGS WATCH- Orascom Construction reported what it called a “sustainable return to profitability” as it announced USD 48.7 mn in consolidated net profit attributable to shareholders in 2016, compared to a loss of USD 347.8 mn in the previous year, as revenues rose to USD 4.03 bn in 2016, up from USD 3.9 bn in 2015. Robust MENA growth offset challenges in the United States — largely since resolved — said CEO Osama Bishai: “We indicated at the beginning of the year that our focus in 2016 would be on operations. We capitalized on the size and quality of our backlog to focus on improving our cost structure and bottom line while selectively pursuing new projects. This approach was in place year-round and we have now returned to profitability on a Group level, emphasizing the strength of our long-term businesses.” Read the firm’s earnings release here (pdf) and its FY2016 results presentation here (pdf).

Orange Egypt reported a EGP 300.6 mn consolidated loss in 1Q17, compared with a EGP 12.3 mn consolidated loss in 1Q16, according to a regulatory filing.