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Global Telecom incurs $42m loss in 2017

Global Telecom incurs $42m loss in 2017
Consolidated losses amounted to $42 million in 2017
Global Telecom
GTHE
5.59% 1.89 0.10

Cairo – Mubasher: Global Telecom Holding on Thursday posted that it has swung to losses last year.

Consolidated losses amounted to $42 million in 2017, compared to a net profit worth $194 million a year earlier, the company said in a filing to the Egyptian Exchange (EGX).

The Egypt-based firm's consolidated revenues increased to $3.01 billion last year, versus $2.95 billion in the year before.

Standalone profits stood at $13 million in the year ended last December, against net loss of $92 million in 2016.

Standalone revenues soared to $200 million in 2017, versus $8 million in the previous year.

While Global Telecom’s profits retreated to $73.3 million in the nine months ended September 2017, from $158.6 million in the same period a year earlier.