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Orange Egypt net losses decrease by 63.3% in 2016 - Daily News Egypt

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Orange Egypt net losses decrease by 63.3% in 2016

    Orange Egypt’s consolidated financial results showed a decrease of 63.3% in net losses for 2016, according to the company’s stock exchange statement. The company’s net losses in the first six months of 2016 went down to EGP 33.4m, compared to losses amounting to EGP 91.1m in the same period of 2015. On the …


 

 

Orange Egypt’s consolidated financial results showed a decrease of 63.3% in net losses for 2016, according to the company’s stock exchange statement. The company’s net losses in the first six months of 2016 went down to EGP 33.4m, compared to losses amounting to EGP 91.1m in the same period of 2015.

On the other hand, the company’s revenues increased by about 2.2%, reaching EGP 5.8bn in the first half of this year, compared to EGP 5.636bn a year ago.

 

The National Telecommunication Regulatory Authority (NTRA) has contacted all telecommunication companies currently operating in the Egyptian market, and provided all the details and regulations regarding the acquisition of 4G licences, and currently awaits approval from companies by the end of the first week in August.

Orange Egypt announced that it will have to pay EGP 3.54bn for the 4G license on mobile phones. Half of the fee has to be paid in US dollars.

Orange Egypt is currently negotiating, with its parent company to finance the 4G licence and will not acquire domestic loans or credit facilities, to avoid the burden of interests on the company’s earnings, an Orange Egypt official told Reuters earlier this month.

Currently, there are three mobile telecommunication companies operating in Egypt, namely Vodafone Egypt (a subsidiary of the Vodafone group), Orange Egypt (a subsidiary of France’s Orange), and Etisalat Egypt (a subsidiary of Emirati Etisalat).

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https://wwww.dailynewssegypt.com/2016/07/24/orange-egypt-net-losses-decrease-63-3-2016/
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