Cairo – Mubasher: Orange Egypt for Telecommunications on Sunday posted a sharp rise in consolidated losses by 1,231% year-on-year in the first nine months of 2017.
The telecom operator suffered EGP 1.7 billion ($9.6 million) in losses during the period from January to September, a surge from EGP 132.9 million in the similar period of 2016, according to a filing to the Egyptian Exchange (EGX).
Orange Egypt’s sales grew to EGP 9.3 billion during the first three quarters from EGP 8.8 billion in the corresponding period of 2016.
Meanwhile, the company’s standalone results showed surging losses to EGP 1.6 billion during the nine-month period from EGP 40.19 billion in the same period the year before.
Orange Egypt had previously said its losses soared by 4,415% to EGP 1.44 billion in the seven months ended July 2017, from EGP 31.9 million in the prior-year period.
