Orange blames currency devaluation for 2016 losses

CAIRO – 23 February 2017: Egyptian mobile network operator Orange blamed the flotation of the Egyptian Pound and a rise in key interest rates for its net loss in revenues in 2016, according to a

statement

published by the company on Tuesday.

Despite generating higher revenues in 2016 compared to 2015,

the company registered a loss

of nearly 2.3 billion EGP in 2016, due also in part to mounting fuel and electricity prices.

Orange also expanded its services in 2016, acquiring a 4G license from the National Telecom Regulatory Authority in October worth U.S. $484 million and a virtual fixed line license amounting to 100 million EGP,

the company said in its third quarterly report for 2016

.

Orange is the second-largest mobile network operator in Egypt. The company acquired Mobinil in 2014 and had it officially rebranded as Orange in May 2015, the state-owned

Al-Ahram reported

.