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Orascom Telecom charged additional $40 million in taxes

External auditors recalculate 2011 corporate tax, slashing the firm's bottom line to $621 million

Ahram Online, Wednesday 18 Apr 2012
OT
OT's net income attributable to shareholders is slashed to $621 million
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Orascom Telecom (OT) saw its 2011 net profit fall a further $40 million after external auditors requested a change in the calculation of the corporate tax charge on the company's financial statements ending in December 2011.

The company announced on Tuesday that its board of directors approved this change, which slashes its net income attributable to shareholders to $621 million.
 
OT's subscriber base exceeded 78 million at the end of December 2011, a rise of 13 per cent over the same period last year.
 
The telecoms giant said in April it had submitted a formal arbitration notice against the Algerian government, the latest twist in a long and bitter dispute over
Djezzy, Orascom's Algiers-based mobile phone unit.
 
In spite of this, OT said it would still support any move by its majority shareholder, Russia's Vimpelcom, to seek a solution with the Algerian government over OTA, which operates under the brand name Djezzy.
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