Cairo: Vodafone Egypt' (VODE) achieved revenues worth 228 million during the first quarter of the current fiscal year 2017/2018 ended on June 30, equivalent to 4.4 billion pounds, compared to 362 million euros, equivalent to 6.9 billion pounds during the same period last year, down 37%.

The results attributed the decline to the pound floatation last November and the foreign exchange rates rise against the pound, as the company converts its revenues in local currency to the euro as it is calculated in the financial statements of the global group.

The US currency exchange rate has witnessed, since November,3, 2016 significant fluctuations, as it rose in most banks to 18 pounds level, compared to 8.88 pounds, and is up to 17 pounds at present.

Source: Al-Mal Newspaper