Global Telecom turns into loss in 1st 9 months of 2018

CAIRO – 8 November 2018: Global Telecom Holding turned into loss during the first nine months of 2018 by $345.1 million, compared to a profit of $56.8 million during the same period of 2017.

The company clarified in a filing to the Egyptian Exchange (EGX) that it accomplished total revenues of $2.13 billion during the aforementioned period of 2018, compared to $2.29 billion during the same period of 2017.

As per standalone results, Global Telecom deepened its loss during the January to September period to $338.7 million, compared to a loss of $84.5 million during the same period of 2017.

During the third quarter of 2018, the consolidated results recorded a loss of $357.6 million, compared to a profit of $20.5 million in 2017.

The standalone results of the third quarter revealed a loss of $751.8 million, compared to $25.1 million during the same quarter of 2017.

The share of the company on EGX reacted with the results, recording a regression of 1.27 percent to LE 3.11 at 10:45 a.m. (CLT) after trading on 6.2 million shares with a turnover of LE 19.33 million.

During the first half of 2018, the company recorded a consolidated profit of $12.5 million, compared to $36.3 million during the same period of 2017, including the minority rights, with a decline of 65.56 percent.

Global Telecom operates within the telecommunication services sector, focusing on wireless telecommunication services.

It has 116 subsidiaries operating across Southern and Central Asia, North America, British Islands, Western Europe, Northern Africa, Eastern Africa, Middle East and Southern Europe.