Orascom Telecom Disappoints Investors
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Orascom Telecom, which has a strong presence in the Tunisian and Algerian mobile phone markets, saw its second quarter profits drop by a stunning 64%.
The company reported making US$80.8 million for the quarter ending June 2008. The Egyptian company disappointed the market with a less-than-expected performance, which it partly attributed to a $30 million write down of its Algerian landline business. The company’s earnings before interest, taxation, depreciation and amortization fell 2% sequentially to $572.8 million, on sales worth $1.36 billion, up 5%. The company says ARPU in Algeria was stable, while it fell it Egypt and Bangladesh.
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