People walk past a new shop of French telecom operator Orange, which was previously known as Mobinil, in Cairo, Egypt, April 6, 2016. REUTERS/Amr Abdallah Dalsh
CAIRO – 21 February 2018: Orange Egypt for Telecommunications announced that its consolidated losses decreased 35.52 percent in 2017 to record LE 1.65 billion ($92.95 million) , compared to losses of LE 2.55 billion in 2016, according to a filling to the Egyptian Exchange (EGX).
The company’s revenues increased 7.51 percent to achieve LE 12.67 billion in 2017, compared to LE 11.79 billion in the prior year.
Meanwhile, the company’s standalone results recorded losses of LE 1.49 billion in 2017, compared to LE 2.46 billion, marking a 47.97 percent decrease.
Orange suffered LE 1.7 billion in losses in nine months from January to September in 2017.
The company attributed the losses to the rise of loans as well as the increase of the interest rates with 600 points in 2017, which reflected on the cost of the loans.
The statement added that the rise of inflation and currency flotation increased the costs of the company, which reflected on the losses of the year.
Orange Egypt for Telecommunications (known as: Orange) is a public company, listed on the Egyptian Exchange (EGX) since May 1998.
Orange operates within the Telecommunication Services sector focusing on Wireless Telecommunication Services. It has six subsidiaries operating across Egypt. Orange is based in Cairo, Egypt, and was established in March 1998.