Cairo – Mubasher: Global Telecom Holding posted a 32% year-on-year increase in profits for the second quarter of 2017 due to higher service revenues, according to a bourse filing on Thursday.
The Egyptian firm achieved profits of $35.1 million in the three months ended June 2017 from $26.5 million in the corresponding period last year.
Net revenue rose to EGP 731.6 million in Q2-17 from EGP 669.3 million in Q2-16.
In the first half of 2017, net profits dropped to $36.3 million, versus $114 million in H1-16.
Standalone net loss decreased to $59.4 million in H1-17, compared to $67.4 million in H1-16.
The company achieved profits of $1.2 million in the three months ended March 2017, versus $87.5 million in the same period of 2016, taking minority rights into account.
By 10:50 am Cairo time, Global Telecom’s stock rose 1.06% to EGP 6.65.
