Q1 2020 Orascom Development Holding AG Earnings Call Transcript
Good afternoon and good morning to those joining us from the U.S. Thank you for joining Orascom Development Holding's First Quarter 2020 Results Conference Call.
The call will start with a presentation by Abdelhamid Abouyoussef, Executive Committee Member and Chief Hotels Officer; and Ashraf Nessim, Executive Committee Member and Chief Financial Officer. Then we will open the floor for Q&A. (Operator Instructions)
I'll now hand over the call to Abdelhamid.
Thank you, Sara, and welcome, everybody. It's been a very interesting quarter and a very interesting year so far. So let's jump right in it.
So if you go to Slide 4, you'll see our executive summary. So basically, our revenues were down 5% quarter-on-quarter. As you would recall, our hotels were closed by the third week of March worldwide, depending on which country. However, let's also
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