Orange suffers EGP 2.4bn losses in Q4

Cairo – Mubasher: Orange Egypt for Telecommunications said Wednesday that its unaudited consolidated financial statements showed a net loss of EGP 2.42 billion for the fourth quarter of fiscal year 2016, against a net profit of EGP 31 million for Q4-15.

The company attributed the quarterly losses to a foreign exchange loss of EGP 2.3 billion, according to a bourse filing.

Unaudited consolidated net losses for FY16 reached EGP 2.55 billion, compared to a net profit of EGP 10.4 million for 2015.

Consolidated revenues amounted to EGP 2.86 billion for 2016, up 3.6% from EGP 11.4 billion for 2015.

Mubasher Contribution Time: 22-Feb-2017 10:22 (GMT)
Mubasher Last Update Time: 22-Feb-2017 10:26 (GMT)