FINANCIAL NEWS

Egypt’s Mobinil cuts losses by 80.2 percent in Q1

26 Apr 2015

(MENAFN) Mobinil, The Egyptian Company for Mobile Services, said that it managed to cut its losses by a significant 80.2 percent in the first quarter of the year, compared to the corresponding period last year, Reuters reported.

Mobinil, one of Egypt’s three mobile phone operators and is majority-owned by Orange S.A., said that its losses were reduced to USD4.59 million this year, down from USD23.13 million last year.

The company’s seasonal revenues increased to USD365.19 million in the first quarter, up from USD346.23 million in the corresponding period a year ago.

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