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FINANCIAL NEWS
Egypt’s Mobinil to come back to profit by 2016
11 Mar 2015
(MENAFN) Mobinil, the Egyptian mobile phone carrier, is set to sell assets in the first six months of 2015 in a bid to cover up half of its USD1 billion debt, returning to profitability by the end of 2016, Reuters reported.
The 94-percent-owned carrier by France’s Orange, witnessed losses reaching to USD52.4 million in 2014, while revenue increased by about 4 percent.
The carrier’s debt was eating away its revenue, with annual interest payments of more than USD130 million.
Mobinil is now planning to restructure by selling unused equipment and focusing more on data services to improve its bottom line.
“We will not turn a profit this year … we aim to turn a profit by the end of 2016,” the chief executive of Mobinil said in an interview.
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