Sawiris’ OTMT turns into losses in Q2

Big 5

Orascom Telecom Media and Technology Holding (OTMT.CA), which is owned by Egyptian tycoon Naguib Sawiris, turned into losses in the second quarter of 2016, according to a bourse filling on Thursday.

The company logged 40.6 million Egyptian pounds ($4.57 million) losses versus 354.09 million pounds of profits for the year-ago quarter, taking into account minority rights.

Operating revenues in the second quarter rose to 102.535 million pounds versus 65.583 million pounds a year earlier.

Moreover, it incurred standalone net losses of 31.76 million pounds against posting net profits of 12,9 million pounds in the same period a year ago.

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

First-half revenues rose to 213.285 million Egyptian pounds from 129.316 million pounds in the same period last year.

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

Profits plunged to 48.7 million pounds ($5.47 million) in Q1-16 from 373.85 million pounds ($42 million) in Q1-15.