(MENAFN) Orange Egypt on Wednesday reported a 35.3% year-on-year fall on its unaudited consolidated losses for 2017.
Net loss stood at EGP 1.65 billion last year, against EGP 2.55 billion in 2016, the company said in a filing to the Egyptian Exchange (EGX).
While revenues amounted to EGP 12.28 billion in 2017, up from EGP 11.8 billion a year earlier, standalone losses reached EGP 1.5 billion in 2017, versus EGP 2.86 billion at the end of 2016.
The increase in loan rates in 2017, as well as the 600 basis points hike in interest rates has affected Orange Egypt's financial results, the telecom firm said in a separate statement.
Moreover, return on equity (ROE) fell below 90% of paid-up capital last year, according to the statement.
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