Cairo – Mubasher: Global Telecom Holding (GTH) has reported a 70.7% year-on-year increase in consolidated profits for the first quarter of 2019.

GTH has logged $54.3 million in net profit during Q1-19, versus $31.8 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Revenue fell to $688 million during the three-month period ended last March from $699 million in the same quarter of 2018, the company highlighted.

As for the standalone business, the company has suffered $8.1 million in losses, versus $24.6 million in Q1-18.

In 2018, GTH’s consolidated net losses reached $250 million, surging 216% from $79 million a year ago.

The company’s revenues declined to $2.827 billion last year, compared to $3.015 billion in 2017.