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Egyptian mobile operator Mobinil has managed to narrow its losses for fiscal year ended on December 31.
The company disclosed its financial statements for the fiscal year ended on December 31, 2014, showing Mobinil incurred net losses worth EGP 357.6 million (US$46.8 million) versus EGP 501.449 million (US$65.7 million) a year earlier.
Revenues grew by 3.2% to EGP 10.254 million in FY2014, compared to EGP 9.931 billion in FY2013.
Mobinil said its losses were amid the increased tax burdens due to the temporary 3-year 5% tax on earnings above EGP 1 million, in addition to the high inflation which caused increased cost of operations.
