Orascom swings to Q2 profit
Cairo, August 15, 2012
Egypt-based Orascom Telecom reported second-quarter net profit of $27 million on Tuesday, reversing a loss of $58 million a year earlier when results were weighed down by tax charges from the sale of its Tunisian business.
Egypt-based Orascom is controlled by Russia's Vimpelcom and has operations in Algeria, Pakistan, Bangladesh and Canada.
Earnings before interest, tax, depreciation and amortisation were $469.8 million, the company said, revising down its year-earlier figure to $439 million from $476 million. Underlying profitability was expected by analysts to be slightly lower because of weaker mobile margins in Bangladesh. - Reuters