Friday 21 September 2018

Egypt's Global Telecom posts $749m Q4 loss

Cairo, March 6, 2014

Egypt-based international telecoms firm Global Telecom, formerly Orascom Telecom Holding, reported a fourth-quarter net loss of $749 million on Thursday, a 59 percent increase in losses on a year ago.

It blamed lower currency exchange rates and regulatory pressures in several countries in which it operates for the result.

Revenues fell to $834 million from £908 million in the same period in 2012.

Global Telecom is 51.9 percent owned by Vimpelcom.  -Reuters

Tags: Egypt | Orascom |

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