Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) reported a 155% year-on-year hike in consolidated losses for the third quarter of 2017.

Net loss amounted to EGP 119.4 million in Q3-17, versus EGP 46.8 million in Q3-16, the company highlighted to the Egyptian Exchange (EGX).

Revenues increased to EGP 358.9 million in the three-month period ended September 2017 from EGP 122.5 million in the corresponding period of 2016.

In the first nine months of 2017, the company turned to profitability with a net profit of EGP 239.9 million, compared to a net loss of EGP 38.7 million in the prior-year period.

Standalone profits reached EGP 296.7 million in the nine-month period of 2017, versus EGP 59.9 million in the year-ago period.

OTMT achieved profits of EGP 359.3 million in the first half of 2017 from EGP 8.04 million in H1-16, including minority shareholders' rights.