Vodafone Egypt revenues up in EGP, down on EUR for 2Q2016: Vodafone Group issued a trading update (pdf) for 2Q16 on Friday, with its Egypt unit reporting EUR 362 mn in service revenue, a 7.9% decrease y-o-y. As of 1 April 2016, Vodafone introduced “alternative performance measures” to highlight the effect of M&A activity and foreign exchange rates on revenue. Taking FX rates into consideration, Vodafone reports its Egypt unit should have recorded a positive 9.1% rate of “organic growth” during the quarter. This would represent the second-biggest hit to Vodafone’s revenues due to FX this past quarter after its South African unit. Vodafone Egypt added 519k prepaid mobile subscribers, 19k contract mobile subscribers and 18k fixed broadband subscribers during the quarter. The update made no mention of operating expenses or net profit. Vodafone Egypt had 39.04 mn subscribers as of 30 June 2016.

On a related note: Tupperware is blaming FX constraints in Egypt and Egyptian “product certification issues” (read: the import registry) as being behind a slump in its emerging markets revenues during 2Q2016. The company said in its second-quarter earnings statement that “Egypt and Turkey drag segment sales [were] down 13% in USD and 9% in local currency” terms, contributing to a 25% slump in EM revenue in USD terms.