Egypt’s Mobinil losses shrink 80% in Q1/2015
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CAIRO: Egypt’s cell phone operator Mobinil announced Sunday it has narrowed its consolidated losses by 80.2 percent during the first quarter of 2015, compared to the same period a year earlier.

Mobinil, 94 percent of which is owned by France’s Orange, stated Sunday to the Egyptian Exchange (EGX) that seasonal losses retreated to nearly 35 billion EGP ($4.58 billion) in Q1/2015, lower than 177 billion EGP in the same period last year.

Meanwhile, the company’s unconsolidated losses recorded 5.26 million EGP in Q1/2015, compared to 163.75 million EGP for the same quarter of last year.

In 2014, Mobinil posted a net loss of 399.8 million EGP, compared with 457.7 million EGP in 2013.

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