Cairo – Mubasher: Global Telecom Holding on Thursday reported a 65.6% year-on-year decline in consolidated profits for the first half of 2018.

Net profit stood at $12.5 million in the six-month period ended June, versus $36.3 million in H1-17, the company said in a filing to the Egyptian Exchange (EGX).

Revenues narrowed to $1.39 billion at the end of June, from $1.51 billion 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.

At the level of standalone business, Global Telecom has turned to profitability n H1-18, recording profits of $413.1 million, against a net loss of $59.4 million in H1-17.

Global Telecom previously posted a year-on-year leap in consolidated profits for the first quarter of 2018.

In Q1-18, net profit skyrocketed by 3,083% to $38.2 million, versus $1.2 million in Q1-17.

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

Moreover, standalone losses retreated to $24.6 million in the three-month period ended March, against $48.2 million in losses in the prior-year period.