The Egyptian Company for Mobile Services (Mobinil) narrowed its consolidated losses by nearly 80.2% in the first quarter of 2015.

The telecom operator suffered EGP 35 million in losses in Q1/2015, compared with EGP 177 million in the same period of 2014.

Meanwhile, the company incurred unconsolidated losses of EGP 5.3 million in Q1/2015, compared with EGP 163.8 million for the corresponding period of the previous year.

Mobinil, Egypt’s second-largest mobile services provider, reported net losses of EGP 399.8 million in 2014, compared with EGP 457.7 million in 2013.

Mobinil is capitalised at EGP 1 billion, distributed across 100 million shares at EGP 10 par value each.