Mexico's inflation exceeds expectations in 1st half of April    Egypt's gold prices slightly down on Wednesday    Tesla to incur $350m in layoff expenses in Q2    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Global Telecom Q1 Profits Hit $43 mln, CEO to Step Down
Amwal Al Ghad Published in Amwal Al Ghad on 14 - 05 - 2014

International telecoms firm Global Telecom Holding (GTHE.CA), the Egypt-based group formerly called Orascom Telecom, announced in a press release on Wednesday its consolidated financial results for 1Q2014 posting a net profits of USD 43 million.
Noting that the company posted USD 204 million net loss in the same period in 1Q2013.
Ahmed Abou Doma, Executive president, announced that he will resign from his position in Global Telecom on June 30. and that Vincenzo Nesci, Executive Chairman at Orascom Telecom Algeria, will be his successor.
Regarding the 1Q2014 results he commented "In the first quarter of 2014, our customers increased 8% YoY to exceed 90 million customers, driven by steady growth in Algeria and Pakistan as well as strong additions in Bangladesh. Group revenue amounted to USD 831 million for the quarter, organically stable compared to last year, with an EBITDA of USD 395 million. Reported results in US dollar were adversely impacted by the local currency depreciation against the US dollar, mainly in Pakistan. We continued to deliver an industry leading EBITDA margin of 47.6%, and generated USD 252 million in operating cash flow4 during the quarter. Net profit for the quarter stood at USD 43 million compared to a loss of USD 204 million for the same period last year. Our CAPEX increased 249% YoY, driven by the commencement of 3G deployment in Algeria, the continued deployment of 3G services and 2G network modernization in Bangladesh, and the network modernization in Pakistan."
"On April 18, 2014, VimpelCom and GTH signed a Share Purchase Agreement with the Algerian Fonds National D'Investissement for the sale by GTH of a 51% interest in Orascom Telecom Algérie SpA with proceeds of USD 4 billion, which will be used to pay down the shareholder loan provided by VimpelCom to GTH, the transaction is subject to the approval of the shareholders participating in the upcoming extraordinary shareholders meeting with a majority of two-third of the votes," He added

Clic here to read the story from its source.