Orange Egypt’s net loss plummets to LE 1.4B in 1H 2017

CAIRO – 5 September 2017: Orange Telecommunications Egypt’s net loss record LE 1.44 billion ($79.4 million) in the first half (1H) of 2017, compared LE 32 million in net profit 1H 2016, the company said Tuesday.

In a statement to the Egyptian Exchange, Orange Egypt said that it achieved LE 6.8 billion up from LE 6.4 billion in 1H 2016, recording 6.25 percent increase.

Gross profit of the mobile and internet service provider registered LE 5.2 billion in 1H 2017, compared to LE 5 billion in the corresponding period last year.

Orange Egypt didn’t reveal the reasons of the losses.

Higher inflation rates and the flotation of the Egyptian pound have increased financial burdens of a lot of companies operating in the market, as it led to higher operating expenses, electricity and fuel prices.