The results of Egyptian telecom company Mobinil's semi-annual consolidated indices for 2011 revealed a net loss of 85.7 million EGP (U.S. $14.4 million), compared to the net profit of 732.3 million EGP (U.S. $122.9 million) in the first half of 2010. During the second quarter of 2011, Mobinil lost 108.5 million EGP (U.S. $18.2 million), compared with net profit of 378.7 million EGP (U.S. $63.6 million) in the second quarter of 2010. The total net profit of the first quarter of 2011 reached 22.7 million EGP (U.S. $3.8 million). The total number of subscribers from June 30 in 2011 is about 30.5 million EGP (U.S. $5.1 million). The financial analyst, Said Adel Muhsin, said the results of the company are affected by political events and the economic slowdown is reflected on the company's performance, represented in declining subscriber growth and declining revenues. He stressed any general improvement in the political situation in Egypt will restore confidence and will result an improvement of future performance.
