Cairo – Mubasher: Global Telecom Holding on Thursday reported turning to losses on a yearly basis for the first nine months of 2018.

Losses amounted to $345.1 million for the nine-month period ended 30 September, against profits of $56.8 million in the same period of the prior year, the company said in a filing to the Egyptian Exchange (EGX).

Revenues narrowed to $2.12 billion by the end of September, from $2.29 billion in the same period the year before.  

Meanwhile, standalone results showed that losses had jumped to $338.7 million during the nine-month period between January and September, versus $84.5 million in the prior-year period, Global Telecom added.

For the third quarter of 2018, the telecom firm recorded sharp losses of $357.6 million, against profits of $20.5 million in Q3-17.

It is worth noting that Global Telecom previously reported turning to profitability in the first half of 2018, with $413.1 million, against a net loss of $59.4 million in H1-17.

By the end of Wednesday’s session, Global Telecom’s stock rose 12.9% at EGP 3.15.