News From Telecom World

Orascom Telecom Q2 Profits Down 64%

Posted on: September 15, 2008

Egypt based Orascom Telecom has reported a 64% slump in second quarter profits to US$80.8 million, considerably worse than financial analysts had expected. The drop was put down to slowing growth in Bangladesh and Pakistan along with higher financing costs and a US$30 million write down of its Algerian landline subsidiary. A drop was expected due to the removal of a one-off gain a year earlier.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) in the second quarter were down slightly 2% to $572.8 million, compared to the first quarter, while revenues rose 5% to $1.36 billion.

During the second quarter of 2008, the group continued to expand its customer base, adding over 3 million subscribers and passing the 77 million mark. During this quarter, each of Mobinil and Banglalink added more than 1 million subscribers.

The group also reported that global ARPU decline has slowed down year-on-year with growth witnessed in Tunisia and a stable ARPU in Algeria. In Egypt and Bangladesh ARPU continued to decline due to the strong growth in subscribers.

Source: Cellular News


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