Orascom net profit down 92% in Q210

Aug. 13, 2010 - PRLog -- Orascom Telecom has reported its first half-year results that saw revenues increase by 1% to US$ 2,049 million compared to the same period last year. This increase is a result of strong growth in most of the GSM operations. With the inclusion of Mobinil, consolidated revenues would have reached US$ 2,493 million.

Despite this increase in revenues, the Group’s net profit decreased by 92% to US$ 16, 7 million compared to H1 2009.

During the first half of 2010 Orascom Telecom continued to grow its customer base reaching over 99 million subscribers, an 18% growth over the same period last year. Growth was particularly strong in Bangladesh, up 46%, in Tunisia up 26% and in Egypt, up 14%. In Algeria, subscribers exceeded 15 million, an increase of 4% compared to H12009.

These earnings release come amid rumors that Orascom Telecom was negotiating the sale of a 51-percent stake to VimpelCom, a Russian-Norwegian company. The rumors were published in Kommersant, Moscow newspaper, which said that VimpelCom was in talks with Naguib Sawiris, the billionaire chairman of Orascom Telecom, to buy Wind Telecomunicaziono, Italy’s third-largest mobile operator, and a 51 percent stake of Orascom.

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