Cairo – Mubasher: Global Telecom Holding on Thursday posted a 17% decline in profits to $37 million in the third quarter of 2017, from $44.6 million in the same period of 2016.

Operating revenues slipped to $773.1 million in Q3-17 from $787.8 million in the year-ago period, Global Telecom said in a filing to the Egyptian Exchange (EGX).

In terms of the first nine months, Global Telecom’s profits more than halved to $73.3 million from $158.6 million in the first three quarters of 2016.

As for its standalone profits, the EGX-listed telecom company reported a decline in losses to $84.5 million in the nine-month period ended 30 September 2017 from $109.4 million a year ago.

In a separate statement, Global Telecom said its board had agreed to appoint Pharos Holding as an independent financial advisor to evaluate the mandatory tender offer (MTO) presented by VEON Holdings B.V. for the acquisition of the remaining shares in the company.

The telecom company’s board also approved the decision to delegate Mr. Gerbrand Leendert Harm Nijman to carry out the appointment of Pharos Holding as financial advisor and determine its fees.