Orange Egypt for Telecommunications announced that its consolidated loss lessened during the first nine months of 2018 by 87 percent, recording LE 235 million, compared to a loss of LE 1.78 billion in the same months of 2017.
The company clarified in a file to the Egyptian exchange (EGX) that consolidated revenues reached LE 10.2 billion in the first nine months of 2018, compared to LE 9.3 billion during the same period of 2017, with an increase of 9.03 percent.
Orange attributed the loss to the rise of inflation rate which is reflected on the operating costs due to the increase of energy and electricity prices and the huge increase in the operating costs, noting that the main components of networking are exported from abroad, and the company still pays high borrowing cost.
As per standalone results, the loss decreased 83.71 percent to reach LE 269 million, compared to LE 1.65 billion during the same period of 2017.
The standalone indicators revealed that the gross profit marked an increase of 9.53 percent, up to LE 7.52 billion from LE 6.87 billion during the same period of 2017.
The consolidated loss of the company decreased during the first half of 2018 by 77 percent, recording LE 253 million, compared to a loss of LE 1.1 billion in the same half of 2017.
As per the standalone results, the loss decreased 73.9 percent to reach LE 264 million, compared to LE 1.01 billion during the same period of 2017.
On another note, the Extraordinary General Assembly of the company approved to optionally write off the company's shares from the Egyptian Exchange (EGX).
The company clarified in a filing to EGX that the assembly agreed to buy shares of shareholders who objected to the decision and are negatively affected, in accordance with Article 55 of the Listing Rules.
Founded in 1998, Orange operates within the telecommunication services sector, focusing on wireless telecommunication services. It has six subsidiaries operating across Egypt.
