Orascom Telecom 3Q net profit drops

18 Nov 2008

Egyptian telecoms group Orascom Telecom has revealed results for the three months ended 30 September 2008, reporting a drop of 28% in net profit year-on-year to USD90.5 million, with the company attributing the fall to poor revenue performance from its operations in Pakistan. However, total revenues for the group increased 1% y-o-y to USD1.37 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) also increased 7% to USD611.7 million. Orascom chairman Naguib Sawiris said, ‘Most of our businesses, with the exception of Pakistan, continue to perform on target in terms of growth and profitability. In Pakistan the political, security, financial and economic conditions have been very difficult.’ The group reported a significant rise in subscribers over the twelve month period, rising 22% to just over 79 million.

Egypt, Global Telecom Holding (GTH, formerly OTH)