Cairo – Mubasher: Global Telecom Holding on Thursday posted that it has swung to losses last year.
Consolidated losses amounted to $42 million in 2017, compared to a net profit worth $194 million a year earlier, the company said in a filing to the Egyptian Exchange (EGX).
The Egypt-based firm's consolidated revenues increased to $3.01 billion last year, versus $2.95 billion in the year before.
Standalone profits stood at $13 million in the year ended last December, against net loss of $92 million in 2016.
Standalone revenues soared to $200 million in 2017, versus $8 million in the previous year.
While Global Telecom’s profits retreated to $73.3 million in the nine months ended September 2017, from $158.6 million in the same period a year earlier.
