Cairo - Mubasher: Orascom Telecom Media and Technology Holding (OTMT) reported losses of EGP 3 billion in the first nine months of 2015, against profits of EGP 603 million for the similar period of the previous year.
OTMT has adopted a revised accounting treatment regarding its 75%-owned subsidiary koryolink in its Q3financial statements.
The adopted accounting treatment entails the de-consolidation of koryolink from the consolidated financial statements to remain as an associate instead of being a subsidiary, OTMT said.
The accounting treatment delivered losses of EGP 3.12 billion, that have been included in the income statement among the losses resulting from non-continuous operations.
OTMT's stock went down 1.4% to EGP 0.7 on Cairo bourse in Monday's early trade.
The company earlier reported an increase of 7.7% to EGP 728 million in net profits for the first half of 2015, compared with EGP 676 million a year earlier.
