Orascom Telecom announced on Thursday that the company accumulated EGP 44.6m in losses during the second quarter (Q2) of 2016, this is compared to a profit of around EGP 263m during the same period last year.
Consolidated results sent to the Egyptian Exchange on Thursday showed that the company’s revenues increased by 56.3% in the second quarter to EGP 102.5m, but the procurement costs increased 33.5% to EGP 64.477m.
Furthermore, the company’s net profit declined by 87% during the first quarter of 2016 compared to the same period last year.
The company incurred a total loss in the first half of the year by about EGP 3.6m compared to the EGP 569.1 m profit gained.
The company has posted net losses of nearly EGP 3.6bn in 2016 compared with a net profit of about EGP 264m in 2014.
Orascom Telecom, owned by businessman Naguib Sawiris, works in the areas of technology, communications, and marine cables in addition to financial activities and it controls a number of companies in Egypt and abroad.