Egypt’s OTMT Q1 profits jump 697%

Egypt’s Orascom Telecom Media and Technology Holding (OTMT) reported Sunday a 697 percent y-o-y increase in its first quarter consolidated profits to record 388.46 million Egyptian pounds ($21.7 million).

The surge was due to the rise in OTMT’s revenues during the first quarter of the current year ended in March, the company added in a statement.

Earlier, profits stood at 48.73 million pounds during the first three months of 2016.

Operating revenues jumped to 297.27 million pounds during the first quarter of 2017, compared with 110.75 million pounds during the first period in 2016.

Standalone profits also jumped to 413.6 million pounds, compared to 16.13 million pounds.

In 2016, profits reached 897.5 million pounds, opposed to losses worth 3.6 billion pounds in 2015.