Orascom Telecom swings to Q3 profit

Reuters, Wednesday 14 Nov 2012

Egypt-based Orascom Telecom reported third-quarter net profit attributable to equity holders of $106 million, reversing a net loss of $1.5 million for the same period a year earlier, the firm said in a statement on Wednesday.

Orascom, which is controlled by Russia's Vimpelcom, said profits were mainly driven by foreign exchange gains.

Revenues for the quarter stood at $885 million, the firm said, while earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $425 million. Total subscribers exceeded 85 million, up 14 percent from a year earlier.


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