Cairo – Mubasher: The financial indicators of Orange Egypt have shown it turned a profit during the first quarter of 2018.

Consolidated profits amounted to EGP 15.9 million in the three-month ended March 2018, against losses of EGP 300.6 million in the prior-year period, the telecom company said in a filing to the Egyptian Exchange (EGX) on Thursday.

Sales increased to EPG 3.29 billion in Q1-18, compared to sales of EGP 3.06 billion in Q1-17.

Meanwhile, standalone profits stood at EGP 21.26 million in Q1-18, against losses of EGP 286.04 million in Q1-17.

Orange Egypt had previously reported a 35.3% year-on-year drop in its unaudited consolidated losses for the full-year 2017, recording a net of EGP 1.65 billion, versus EGP 2.55 billion in 2016.

It is worth noting that standalone losses totalled EGP 1.5 billion for the full-year 2017, versus EGP 2.86 billion at the end of 2016.