Cairo – Mubasher: Global Telecom Holding on Monday reported a 3,083% year-on-year leap in consolidated profits for the first quarter of 2018.

Net profit climbed to $38.2 million in the three-month period ended last March, versus $1.2 million in Q1-17, the company said in a filing to the Egyptian Exchange (EGX).

Revenues narrowed to $699.5 million in Q1-18, from $752.4 million in the same period a year earlier.

Meanwhile, standalone losses retreated to $24.6 million in the first three months of this year, against $48.2 million in losses in the prior-year period.

It is worth noting that Global Telecom had incurred losses of $42 million in 2017, against $194 million in profits in 2016.