An ongoing programme to upgrade its mobile network to offer third-generation services has seen MobiNil, Egypt’s largest cellco by subscribers, slump to a net loss in the first three months of 2012. In releasing its financial results for the three months ended 31 March 2012 the Egyptian operator posted a net loss of EGP74 million (USD12.2 million) for the quarter, compared to a net profit of EGP23 million in the corresponding period of 2011
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OVETEL Network upgrade costs push MobiNil to Q1 loss
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