Orascom reports bumper 1H results

4 Sep 2007

Egyptian telecoms holding company Orascom Telecom has announced that its first half net income tripled year-on-year to USD995 million, boosted by the sale of its stake in Hutchison Essar, which generated a USD708 million one-off gain. Orascom Telecom said in a statement earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 18% to USD1.09 billion compared to the first half of 2006, as revenues climbed 23% to USD2.53 billion. Total subscribers exceeded 61 million, up 51% on June 2006, while proportionate subscribers rose 64% to 51 million.

Egypt, Global Telecom Holding (GTH, formerly OTH)