Cairo – Mubasher: Global Telecom Holding (GTH) logged a profit of $26 million during the first half of 2019, up from around $100,000 in the year-ago period, according to the company’s consolidated financial statements.
Year-on-year, the company’s revenues amounted to $1.338 billion in the January-June period of 2019 from $1.39 million, according to a statement to the Egyptian Exchange (EGX) on Thursday.
During the second quarter of 2019, GTH suffered losses of $28.3 million, compared to $31.7 million in the corresponding period a year earlier.
As for standalone business, the company turned into losses of $216.8 million in H1-19, against a profit of $413.1 million in H1-18.
For the full-year 2018, GTH incurred losses of $250 million from $79 million in 2017.
Revenues plunged to $2.827 billion last year from $3.015 billion a year earlier.
In June, Egypt’s Financial Regulatory Authority (FRA) approved the mandatory tender offer submitted by VEON Holdings B.V. for the purchase of up to 1.997 billion shares in emerging markets telecom operator GTH, representing about 42.31% of GTH’s shares.
GTH’s board of directors decided to delist the company’s shares from the Egyptian Exchange (EGX) after approving VEON’s offer.
