Orascom Telecom turns into loss in Q1 2018

CAIRO – 3 June 2018: Orascom Telecom Media and Technology Holding (OTMT) turned into loss during the first quarter of 2018.

The consolidated results revealed that the company recorded a net loss of LE 121.52 million ($6.77 million) during the first three months of 2018, compared to a profit of LE 388.46 million including minority rights in the same months of 2017.

As per standalone results, the indicators showed a turn into loss with an amount of LE 33.96 million during the period of January-to-March in 2018, compared to a profit of LE 413.61 million in the same period of 2017.

In 2017, the company’s consolidated profit declined 48 percent to LE 464.9 million, compared to LE 897.5 million in 2016. Also, the standalone profits decreased to LE 606.14 million, from LE 1.08 billion in 2016.

Orascom Telecom Media & Technology was established in 2011 and was listed in the Egyptian exchange (EGX) in 2012.

It operates within the Telecommunication Services sector focusing on Wireless Telecommunication Services.

It has 39 subsidiaries operating across Southern and Central Asia, North America, the Caribbean, British Islands, Western Europe, Northern Africa, Middle East and Southern Europe.

The company's capital is LE 2.2 billion distributed over 5.24 billion shares, with a nominal value of LE 0.42.