Orange reduces its losses to LE 253M in H12018

CAIRO – 25 July 2018: Orange Egypt for Telecommunications announced that consolidated loss of the company decreased during the first half of 2018 by 77 percent, recording LE 253 million, compared to a loss of LE 1.1 billion in the same half of 2017.

The company clarified in a file to the Egyptian exchange (EGX) that consolidated revenues reached LE 6.6 billion in the first six months of 2018, compared to LE 6.12 billion during the same period of 2017, with an increase of 7.92 percent.

As per standalone results, the loss decreased 73.9 percent to reach LE 264 million, compared to LE 1.01 billion during the same period of 2017.

The standalone indicators revealed that the gross profit marked an increase of 8.7 percent, up to LE 4.86 billion from LE 4.47 billion during the period of 2017.

Orange attributed the losses to the increase of inflation rates which caused a hike in the operational costs; the rise in fuel and electricity prices led to an increase in the costs as the main components of the networks are imported. Orange also attributed the losses to the high loan rates.

During the first quarter of 2018, the company turned into profitability, recording consolidated profit of LE 15.9 million, compared to LE 300.6 million during the first three months of 2017.

Founded in 1998, Orange operates within the telecommunication services sector focusing on wireless telecommunication services. It has six subsidiaries operating across Egypt.