Earnings watch: Orange Egypt

Orange Egypt reported a consolidated net loss of EGP 2.55 bn in 2016 from a profit of EGP 10 mn in 2015, according to a regulatory disclosure. FX revaluation charges cost the mobile network operator EGP 2.3 bn in 2016. Orange Egypt says its loss owes primarily to rising prices and operational costs, the impact of the EGP float on the company’s import bill, the increase in the central bank’s basic interest rates, and weak tourist arrivals which reduced roaming income.