Orascom Telecom says Q1 net profit fell to 48.733 mln Egyptian pounds

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Egypt’s Orascom Telecom Media and Technology Holding (OTMT) said Thursday its first quarter net profit had dropped to 48.73 million Egyptian pounds ($5.49 million) from 373.85 million in the same period of last year.

OTMT, which is owned by Egyptian tycoon Naguib Sawiris, reported a net loss of 3.6 billion Egyptian pounds in 2015 versus a net profit of 263.98 million pounds a year.

Source: Reuters