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CAIRO – 24 July 2017: Orange Telecommunication Egypt’s losses widened massively by 3245 percent to reach LE 1.104 billion ($6.1 million) in the first six months of 2017, up from LE 33 million in the year-ago period, a Monday report read.
The consolidated revenues rose 6.3 percent to LE 6.1 billion ($342.5 million) in the first half of 2017 from LE 5.7 billion in the year-ago period.
Gross profit reached LE 4.6 billion in H1 of 2017 compared to LE 4.4 billion, with a 4.97 percent increase.
Standalone revenues for the second quarter of 2017 grew 5.4 percent to LE 5.8 billion compared to LE 5.5 billion in the same period of the previous year, the statement said.
The company attributed the losses to the rise in loans, in addition to higher interest rates by 400 basis points in 2017, which affected total lending expenses.
Higher inflation rates and the devaluation of the Egyptian pound also contributed to the surge in losses and led to higher operating expenses, electricity and fuel prices, the report added.