Mobinil consolidated losses shrink 80% in Q1 2015

The Egyptian Company for Mobile Services (Mobinil) saw its consolidated losses shrink 80.2 percent in the three months ending 31 March, compared to the same period the previous year.

In a press release to the Egyptian bourse, Mobinil showed that its consolidated losses for the first quarter of 2015 amounted to LE35 million compared to LE177 million in the same period a year earlier.

Revenues reached LE2.8 billion in the first quarter of 2015, that is 5.5 percent higher than the same period a year prior when revenues hit LE2.6 billion.

The company, which is 99 percent owned by French telecoms giant Orange, attributed losses to accelerating inflation, which mounted to 11.8 percent in March, and rising fuel prices.