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Orascom Telecom swings to profit

The company’s subscriber base increased 14%

Gulf News

Cairo: Egypt’s Orascom Telecom Holding swung to a third-quarter net profit of $106 million (Dh389.3 million) from a loss of $1.5 million a year ago, the company said in a statement on Wednesday.

Orascom Telecom, which is owned by the Russian telecommunications company VimpelCom, attributed the return to profit to “foreign exchange gain coupled with healthy profit from continuing operations”.

Earnings before interest, tax, depreciation and amortisation reached $425 million — an increase of about 6 per cent year-on-year, the company said in its statement. The firm noted that the increase defied the “negative impact of Ramadan” — the Muslim holy month that slows business throughout the Islamic world.

The company’s subscriber base in the seven countries in which it operates increased 14 per cent year-on-year to 85 million.