Egypt's Orascom Telecom reports $469m Q4 loss

Deterioration driven by tax charges and foreign exchange losses

Cairo-based Orascom Telecom reported a net loss of $468.9 million before minority interests in the fourth quarter, up from a loss of $123.5 million a year earlier.

In a statement on Wednesday the company also reported a full-year loss of $205.76 million, compared with a profit of $660.35 million in 2011.

It said the deterioration was driven by tax charges, foreign exchange losses and other financial problems.

Orascom Telecom, which is controlled by Russia's Vimpelcom , said its fourth-quarter revenue stood at $908.34 million, up from 895.71 million a year earlier.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 23 percent to $425.50 million, while subscriber numbers reached 84.92 million, up 8.7 from the fourth quarter of 2011.

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