Egypt’s Orascom Telecom first quarter net profit tumbles to 48.733m Egyptian pounds

Cairo: Egypt’s Orascom Telecom Media and Technology Holding said on Thursday its first quarter net profit had fallen to 48.73 million Egyptian pounds (Dh20.17 million, $5.49 million) from 373.85 million Egyptian pounds in the same period of last year. The telecom company reported a net loss of 3.6 billion Egyptian pounds in 2015 versus a net profit of 263.98 million Egyptian pounds a year earlier.