Egypt’s Global Telecom posts $87.5 mln Q1 net profit

Egypt’s Global Telecom swung to a first-quarter net profit of $87.5 million from a loss of $82.3 million a year earlier, the company said in statement on the bourse on Thursday.

Revenue fell to $707.1 million from $718.8 million.

Net income improved despite the revenue fall due to a 38 percent drop in financial expenses, the company said, citing repayment of a shareholder loan to VimpelCom in the year-earlier quarter.