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FINANCIAL NEWS
Egypt’s Orascom Telecom reports USD115.7m profit in Q1
15 May 2012
(MENAFN) Egypt telecoms operator Orascom Telecom Holding SAE reported 86 percent drop in quarterly profits compared to a year earlier when it had a one-time investment gain from the sale of its Tunisian unit, Bloomberg reported.
The company said it made USD115.7 million during the first quarter, down from USD812.7 million a year earlier, when it gained USD754 million from the sale of its stake in Orascom Tunisia Holding.
Orascom also reported 5 percent increase in earnings before interest, taxes, depreciation and amortization increased 5 percent in the quarter to USD433.5 million.
The company’s Algerian unit Djezzy, contributed USD273.8 million of the total revenue, also a 5 percent increase from a year ago.
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