Cairo - Mubasher: Egyptian Company for Mobile Services (Orange – Egypt) said its losses for the first quarter of 2016 decreased by 65% year-over-year to EGP12.3 million from EGP35 million.
Meanwhile, the unaudited standalone financial statements revealed that the company turned profitable in the first quarter of 2016 after achieving a net profit of EGP21.8 million, against a net loss of EGP5.3 million for the year-ago quarter.
Total revenues for the same quarter increased 2.7% year-over-year to EGP2.7 billion from EGP2.6 billion.
The board of directors accepted Maged Osman’s resignation, after Telecom Egypt’s board members appointed him as the chairman of the board.
The stock declined 4.8% to EGP115.12 at 10:48a.m. Cairo time.
