Mobinil losses shrink 95 pct in 9 months

Egyptian mobile operator, Mobinil’s nine-month losses dropped 95 percent, the firm’s consolidated financial statements announced Thursday.

According to the statements, Mobinil – mostly owned by France’s Orange Group- incurred losses estimated at 20.6 million Egyptian pounds (US$2.6 million) at the end of September 2015 compared to 390.6 million pounds in the same period a year earlier.

Mobinil achieved revenues worth 8.5 billion pounds (US$1.05 billion) during the first nine months of 2015 versus 8.14 billion pounds during the same period of 2014, marking 4.5 percent growth rate.

Meanwhile, Mobinil’s unconsolidated business indicators showed that the company turned to profits in the first nine months of 2015, opposed to losses in the same period of 2014.

The total volume of Mobinil’s net profit after tax is estimated at 73.4 million pounds at September-end 2015 from losses after tax worth 352.5 million pounds at the same period of 2014.

The unconsolidated financial statements announced that Mobinil has attained revenues worth around 8 billion pounds during January-September 2015 versus 7.64 billion in January-September 2014.

Mobinil’s issued and paid-up capital is estimated at one billion pounds divided into 100 million shares; 10 pounds per share.