Vodafone, the world’s second biggest mobile operator, reported Friday a 37 percent revenue decline in Egypt during the first quarter of the 2017/2018 financial year ended on June 30.
The company made a revenue of €228 million ($265.8 million) at the end of June 30, 2017, compared to €362 million in the same period last year.
The company attributed the fall to the depreciation of the Egyptian pound against foreign currencies. In Egypt, Vodafone’s revenue dominated in local currency rose 24 percent to 4.354 billion Egyptian pounds at the end of first quarter of 2017/2018 financial year.
The mobile operator said the financial results were based on euro’s exchange rate of 19.1 Egyptian pounds as of the beginning of the 2017/2018 financial year, which started on April 1, 2017 and ends on March 31, 2018.
The parent company better-than-expected 2.2 percent revenue growth in its first quarter, reflecting a robust performance in Italy and Spain and an acceleration in demand in Turkey.
“We made a good start to the year with a robust commercial momentum in Europe and accelerating growth in AMAP (Africa, Middle East and Asia Pacific),” Chief Executive Vittorio Colao said on Friday.