Orange Egypt narrows losses by 53.8% in Q2

Mobile operator, Orange Egypt said its second quarter unaudited consolidated financial results reflected a decline of 53.8 percent in its losses.

The company incurred losses of 21.05 million pounds in the second quarter of 2016, compared with 56.04 million pounds for the same period a year earlier.

As for the first half of 2016, Orange Egypt brought down its losses by 63.6 percent to 33.4 million pounds, compared with 91.1 million pounds for the similar period of the previous year.

Standalone profits reached 11.5 million pounds in the second quarter of 2016 against 35.6 million pounds of losses in the same period a year earlier.

The results showed that Orange Egypt turned into profitability after achieving a net profit of 33.3 million pounds in the first half of 2016 against a net loss of 30.3 million pounds for the same period a year earlier.

The company added in its statement to EGX that BoD approved cancelling the agreement signed to sell Orange’s entire stake in Egyptian Co. for Mobile Towers Services (ECMTS) in favour of Eaton Towers LTD.