Mobinil says declined its Losses by 80.2% in Q1

Egyptian mobile phone carrier Mobinil announced Sunday its losses declined by 80.2 percent in the first quarter of 2015 compared with the same period last year.

The company’s losses declined to 35.022 million Egyptian pounds ($4.59 million) from 177.005 million last year, it said in a statement.

Mobinil, 94 percent owned by France’s Orange, said its seasonal revenues increased to 2.794 billion Egyptian pounds in the first quarter from 2.649 billion pounds in same period last year.

Source: Reuters