Cairo – Mubasher: Global Telecom Holding (GTH) on Monday said its consolidated net losses soared 216% year-on-year in 2018 to $250 million from $79 million in 2017.

Revenues shrank to $2.827 billion last year, from $3.015 billion a year earlier, GTH said in a filing to the Egyptian Exchange (EGX).

At the level of standalone business, GTH suffered losses of $65 million during the 12-month period, against a profit of $13 million in 2017, its financial statements showed.

GTH previously said it had turned to losses for the first nine months of 2018 with $345.1 million, against profits of $56.8 million in the same period of 2017.

Its revenues had narrowed to $2.12 billion at the end of September 2018 from $2.29 billion in the same nine-month period of 2017.