MobiNil narrows net loss in 3Q 2014

24 Oct 2014

Egyptian Company for Mobile Services, which offers services under the MobiNil banner, is said to have recorded a net loss of EGP390 million (USD54.5 million) in its unaudited consolidated financial results for the three months ended 30 September 2014. According to Ahram Online, this figure represented an improvement on the previous quarter, however, with MobiNil having reported a loss of EGP447 million in 2Q 2014. The narrowing of the net loss was said to have been attributed to improving economic conditions in Egypt, although the company did blame higher fuel prices and a recent 5% increase on income tax for higher operational costs and an increasing tax burden. Meanwhile, turnover in the third quarter of 2014 stood at EGP8.2 billion, representing a 5.1% quarter-on-quarter increase from the EGP7.8 billion generated in the previous quarter.

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