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FINANCIAL NEWS
Orascom Telecom posts $41m loss in Q2
13 Aug 2010
(MENAFN) Orascom Telecom Holding SAE, the biggest mobile-phone operator in the Middle East by users, reported its first quarterly loss after booking $120 million in unrealized foreign-exchange losses, Reuters reported.
The second-quarter net loss reached $41.4 million, according to a statement distributed by the Regulatory News Service. That compared with a previously reported net income of $129.5 million a year earlier. Sales were $1.1 billion, the Cairo-based company of Egyptian billionaire Naguib Sawiris said.
Beltone Financial, an Egyptian investment bank, had forecast a net income of $48.6 million, EFG-Hermes Holding SAE $78 million and investment bank CI Capital $66 million.
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