Sawiris’ Orascom Telecom 2015 net loss of 3.6 bln Egyptian pounds

Egypt’s Orascom Telecom Media and Technology, which is owned by Egyptian businessman Naguib Sawiris, reported a net loss of 3.6 billion Egyptian pounds ($405 million) in 2015 versus a net profit of 263.98 million pounds a year earlier, the firm’s financial statements, printed in local media Thursday, showed.

OTMT’s operational revenues increased by 12.8 percent in 2015 to 291.420 million pounds, while its financial costs increased to 1.045 billion pounds from 339.635 million a year earlier.

Source: Reuters