Orascom Telecom says Q1 net profit fell to 48.733 mln Egyptian pounds

Egypt’s Orascom Telecom Media and Technology Holding (OTMT) said Thursday its first quarter net profit had dropped to 48.73 million Egyptian pounds ($5.49 million) from 373.85 million in the same period of last year.

OTMT, which is owned by Egyptian tycoon Naguib Sawiris, reported a net loss of 3.6 billion Egyptian pounds in 2015 versus a net profit of 263.98 million pounds a year.

Source: Reuters