Cairo – Mubasher: Egypt South Africa for Communication (Egysacom) on Monday announced turning to losses in the first quarter of 2017 due to cuts in revenue, according to a bourse filing.

The firm’s losses reached EGP 373,300 in the three months ended March 2017 against profits of EGP 60,240 in the corresponding period of 2016.

The Egyptian company’s revenues declined to EGP 620,900 in Q1-17, versus EGP 2.7 million in Q1-16.

The company achieved annual profits of EGP 571,140 from EGP 510,460 in 2016.

By 11:12 am Cairo time on Monday, Egysacom’s stock dropped 3.33% to EGP 0.29.