Q1 figures out this week from Orascom Telecom, North Africa’s biggest mobile phone operator and one of Egypt’s largest companies.
At first glance – the company, which saw pre-tax profit for the three months to March 31 more than double to $128.9m, compared to the same period the year before – appeared to have ridden out the turmoil rocking the region in fairly good shape. Revenues rose 5 per cent to $949.2m while subscribers increased 16 per cent to over 104m.
Yet behind the headline figures is a more sobering reality.
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