A summary of the consolidated financial results of Orange for the period ended on 30 September 2017 showed that losses have increased by 1231 percent on an annual basis.
The company stated in a disclosure to the Egyptian Exchange (EGX) on Sunday that losses reached EGP 1.7bn between January to September 2017 against losses of EGP 132.9m in the same period in 2016.
Meanwhile, sales in the first nine months of the year registered EGP 9.3bn, up by EGP 500m from EGP 8.8bn in the same period of last year.
In terms of separate financial results, losses increased to EGP 1.6bn, against EGP 40.19m in the same period in 2016.
Losses also registered EGP 1.44bn in the first seven months ending in July, compared to losses of EGP 31.9m in the same period in 2016.
The government cut down subsidy on fuel at the end of June for the second time in eight months. Electricity prices were also increased on all consumption segments starting July.
Orange said that the consolidated financial results for the period ending 30 September reflected the first positive results of the new strategy launched by the company at the end of 2016.
“Our ambitious Transformation program has allowed us to partly offset the negative impacts of the high inflation and the increase of energy costs. The launch of our new portfolio of plans is attracting a lot of new customers and boosting our network revenues. And after receiving the spectrum, the company can now offer a faster 4G Internet speed and keep increasing our customers’ base,” the statement read.