Orascom Telecom Third-Quarter Net Profit Drops to $10.3 Million - Bloomberg

Orascom Telecom Holding SAE (ORTE), North Africa’s biggest mobile phone company, said its third-quarter profit plunged as it accounted for the so-called fair value of its investments in two companies last year.

Net income for the period ended Sept. 30 was $10.3 million compared with $934.3 million a year earlier, the Cairo-based company said in a statement on its website today. Last year’s profit included $822 million related to the recognition of the fair value of its investments in Mobinil and Egyptian Co. for Mobile Services, it said.

The company’s revenue reached $1.01 billion, a 3.5 percent increase from last year. Djezzy, Orascom’s Algerian unit and biggest revenue generator, had a 9.5 percent increase in revenue to $486.7 million in the quarter from a year-earlier. Orascom’s subscriber base gained 12 percent to 108.9 million users from last year.

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