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FINANCIAL NEWS
Egypt’s Global Telecom logs 13.4 percent loss in Q3
11 Nov 2015
(MENAFN) Global Telecom Holding, the Egyptian International telecommunications company which operates GSM networks in the Middle East, Africa, Canada, and Asia recorded a staggering loss over July-Sep period.
The company registered a 13.4 percent loss hitting USD32 million in the three months to September compared to the previous second quarter, however; these numbers still shows improvements when compared to the previous year.
Yearly gross losses have enhanced due to the low cost of services, posting a 19.6 percent decrease for last year’s third quarter, plus the figures also showed a decline in financial costs by 63.7 percent compared to 2014’s cited quarter.
Furthermore, overall incomes touched USD730 million over the mentioned quarter, reflecting a 13 percent fall from last year’s same period, mainly driven by the weak performance of Djezzy Company of Global Telecom Algeria.
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