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Mobinil 9M loss attributed to higher financing expenses

Mobinil 9M loss attributed to higher financing expenses
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OREG
-8.53% 10.89 -0.98
The Egyptian Company for Mobile Services (Mobinil) posted EGP 390.6 million ($54.6 million) consolidated net loss for the first nine months of FY14, narrowing 13% from EGP 447.3 million ($62.5 million) logged in the same period a year earlier.
According to consolidated financial statements, operating revenues helped loss shrink, as they rose by 4% from EGP 7.87 billion to EGP 8.19 billion. Meanwhile, net operating profit after costs of services, operation, amortization, depreciation, S&A expenses, amounted to EGP 351.3 million, compared with EGP 351.15 million in the same period a year earlier.
Meanwhile, standalone financial statements for the same period mirrored EGP 352.5 million ($49.2 million) net loss, compared with EGP 403.1 million ($56.4 million) net loss in the first nine months of FY13.
The rise in financing expenses to EGP 759.2 million was the main reason behind the losses logged by the company during the nine-month period.
H1-14 net loss had amounted to EGP 344.366 million, deepening 16.3% from EGP 296.218 million in the year-ago period.
Mobinil operates with issued and paid-in capital of EGP 1 billion, divided into 100 million shares at EGP 10 par value each.