Egypt's Orascom Telecom reports $469m Q4 loss

Deterioration driven by tax charges and foreign exchange losses
By Reuters
Wed 06 Mar 2013 02:13 PM

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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.