Cairo – Mubasher: Orange Egypt for Telecommunication reported an 87% year-on-year drop in consolidated losses during the first nine months of 2018 on the back of a growth in sales.

The telecom firm has incurred losses of EGP 234.9 million in the nine-month period ended September, versus EGP 1.76 billion in the prior-year period, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Sales increased to EPG 10.9 billion at the end of September, compared to sales of EGP 9.3 billion in the January-September period of 2017.

At the level of standalone business, losses shrank to EGP 269.4 million in the first nine-month period of this year, from EGP 1.65 billion in the year-ago period.

Orange Egypt previously reported a 77% year-on-year decline in consolidated losses during the first half of 2018.

Net loss amounted to EGP 252.5 million in the six-month period ended June, versus EGP 1.1 billion in the prior-year period.

Sales grew to EPG 6.6 billion in H1-18, compared to sales of EGP 6.12 billion in the corresponding period of 2017.