Mobinil cuts its losses in Q3

Mobinil posts 96% decline in year-on-year profits in Q3.
Ongoing political turmoil in Egypt continues to hurt Mobinil's bottom line.
Ongoing political turmoil in Egypt continues to hurt Mobinil's bottom line.

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Egyptian mobile operator Mobinil experienced a 96% decline in year-on-year third quarter net profit to EGP10 million ($1.6 million), but managed to reverse a loss of EGP108.5 million from the previous quarter, according to a report from Reuters.

The telco, which competed with Vodafone Egypt and Etisalat Misr, has suffered as result of ongoing political turmoil in the country since the protests that ousted President Hosni Mubarak started.

The company’s Q2 results were also hit by deferred taxes, according to Mobinil.

“The impact of the new tax regime is limited to current period profits as the hit related to deferred taxes was registered during the second quarter of 2011,” Mobinil said in a statement.

Mobinil said that its total subscriber base in Q3 increased 3.4% over the previous quarter to reach 31.576 million subscribers.

 

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