An agreement between the Tax Authority and Global Telecom was signed in June to settle the tax dispute between the company and the Egyptian Tax Authority.
During the second quarter of 2019, Global Telecom recorded loss of $28.3 million, compared to loss of $31.7 million during the same quarter of 2018.
Upon this agreement, Global Telecom will pay its tax dues to the tax treasury, which amount to $136 million until 31 December 2018.
As per standalone results, Global Telecom deepened its loss during January to September period to $338.7 million, compared to a loss of $84.5 million during the same period of 2017.
The Company revealed that its standalone results turned into profitability during the first half of the current year by $413.1 million.
A wrap-up for the most prominent news circulated during the day.
Egypt’s aggregate earnings are likely to rise by 46 percent year-on-year to LE 11.6 billion in the second quarter of 2017.
The Egyptian Exchange (EGX) ended on a positive note Tuesday, pushed by foreign traders’ purchases following Easter holiday.