Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) turned into losses in the second quarter of 2016, according to the consolidated financial results.

The company logged EGP 40.6 million losses versus EGP 354.09 million profits for the year-ago quarter, taking into account minority rights, a bourse statement revealed.

Over the first six months, net consolidated profits reached EGP 8.04 million, compared with EGP 727.9 million for the first half of 2015.  

Meanwhile, the standalone results showed that H1 profits stood at EGP 15.6 million, down 93% year-over-year from EGP 234.4 million.

In the first quarter, the company registered EGP 48.7 million profits.