Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) on Sunday reported it has turned to losses for the first quarter of 2018.

The company has recorded a consolidated loss of EGP 121.5 million in the three-month period ended last March, against profits of EGP 388.4 million in Q1-17, including minority shareholders’ rights, OTMT highlighted in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone losses amounted to EGP 33.9 million in Q1-18, versus profits of EGP 413.6 million in the same period last year.

OTMT had reported a 48% year-on-year decline in consolidated profits for the full-year 2017, recording EGP 464.9 million from EGP 897.5 million.

The company had also posted an EGP 606.14 million in standalone profits, down 44% year-on-year in 2017 from EGP 1.08 billion.