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Orascom’s 9-month earnings jump to $951m

08 Nov 2010

(MENAFN) Orascom Telecom Holding SAE of Egypt announced in a statement that during the first three quarters of 2010, the company generated net profits of $951 million, as opposed to $413.3 million during the same period in 2009, Bloomberg reported.

The three quarter profit included a $300 million payment received from France Telecom as part of settling an ownership dispute over Egypt’s second-biggest mobile operator, Mobinil, the company stated.

Excluding this figure, the company achieved profits from continuing operations, valued at $112 million, revealed the statement.

It is worth mentioning that Orascom Telecom’s parent company, Weather Investments SpA, signed a deal worth about $6.5 billion to merge with Russia’s VimpelCom Ltd.

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