Orange Egypt turns into losses in first nine months of 2016

Egypt’s second largest mobile operator, Orange Egypt, has reported a net loss of  40.1 million Egyptian pounds in the first nine months of 2016, the company said Sunday.

In a press release to the Egyptian bourse, Orange recorded losses from January to September this year, compared to net profit of 73.2 million pounds recorded in the same period last year.

The company’s revenues reached 8.3 billion pounds in the first nine months of 2016, 4.2 percent higher than the same period last year.

Last week, Orange Egypt acquired a new fourth-generation internet services license after signing a $484-million agreement with the national telecom regulator.

In March, Mobinil, the Egyptian Company for Mobile Services founded in 1998, officially rebranded as French multinational Orange, one of the world’s leading telecommunications operators, a year after Orange completed its 99 percent buy-out in a deal worth some 210 million euros.

Orange intends to invest around 2.5 billion pounds  this year to upgrade networks and deliver better services and more benefits for some 33 million customers in its single-largest national market.

Source :Ahram Online