Orascom reports 9M results

4 Dec 2007

Orascom Telecom Holding (OTH) has announced its consolidated results for the third quarter of 2007. Pro-forma net income for the nine months ended 30 September 2007 surged 128% to USD1.25 billion, on higher revenue (up 23% to USD3.47 billion) and foreign exchange gains. Pre-tax profit jumped 116% to USD1.54 billion while EBITDA increased 24% to USD1.49 billion. Total subscribers reached approximately 65 million at the end of the quarter, up 47% year-on-year on a pro-forma basis, while proportionate subscribers rose 56% to more than 53 million. Companies which make up OTH include Djezzy (Algeria), Mobilink (Pakistan), Mobinil (Egypt), Tunisiana (Tunisia), Banglalink (Bangladesh) and Telecel (Zimbabwe). Yesterday the company announced it had agreed to sell its Iraqi business Iraqna for USD1.2 billion to MTC-Atheer, the Iraqi subsidiary of the Zain Group.

Egypt, Global Telecom Holding (GTH, formerly OTH)