By Islam Serour Orascom Telecom Holding (OTH) consolidated financial and operating results for the first half of 2012 shows a 14.8 percent growth in its subscribers' base, reaching 83,384 subscribers, up from 72,650 during the same period in 2011.The company's consolidated revenues increased by 1.1 percent, reaching $1,833,708, compared to $ 1,814,414 during the first half of 2011. Capital expenditure decreased 3.8 percent down to $ 143,499 compared to $ 149,139 during the same period in 2011. OTH consolidated financial and operating results illustrate the impact of local currency terms in the countries where the company is operating. For instance, in Pakistan OTH revenues grew by only one percent due to the devaluation of the local currency against the US dollar, compared to 9 percent in the local currency, while in Algeria revenues slightly dropped by one percent in US dollars, compared to 4 percent in local currency. OTH's net income reflects an improvement in the second quarter of 2012, compared to the same period in 2011. This improvement was driven by an increase of continuing operations' profits by 271 percent, however these profits were partially offset by foreign exchange losses at the holding company level. The company's results also show a decrease in net debt by two percent during the first half of this year, amounting to $2.95 billion, compared to $3.02 billion by the end of 2011. The decrease is attributed to an increase in profitability and a decrease in cash outflow and capital expenditure.
