Orascom Construction significantly beat expectations growing net profit by 40%. The margin imporved accross the board. The margin was a function of a higher than expected contribution from fertilisers on the back of stronger volumes and a higher margin reported by the construction segment.
Although construction suffered from lower bookings, it experienced significantly higher margins. These may well prove fragile in the current economic environment, but clearly they have already gone in the opposite direction of almost any other construction company anywhere in the world.