Earnings Watch: Global Telecom 1Q profits rise 61.2% y-o-y

EARNINGS WATCH- EGX-listed Global Telecom Holding (GTH) reported a net profit of USD 51 mn in 1Q2019, up 61.2% y-o-y from USD 32 mn last year, the company said in a statement (pdf). Reported revenues fell 1.6% y-o-y to USD 688 mn, while organic revenues rose 12.8% y-o-y. Organic revenues only account for sales and output growth generated by the existing business, and excludes earnings from takeovers, disposals and mergers and acquisitions. CEO Vincenzo Nesci said the fall in reported revenues was due to “adverse currency movements” of the PKR against the USD. The growth of the company’s customer base was maintained through the quarter, with total customers reaching 107.3 mn.