Orascom posts Q1 net profit of EGP995m
Without providing comparative figures for the year-ago period, Orascom Telecom Media and Technology (OTMT) reported net profit of EGP994.7 million (USD164.3 million) and revenues of EGP235 million for the first three months of 2012, reports Gulf Times.
As a result of the merger between Orascom and Russian telecoms group Vimpelcom, certain Orascom assets were spun off into a new company, OTMT. The figures are OTMT’s first standalone financial results since being hived off from its parent and listed earlier this year.
The revenues reported by OTMT include its part-ownership of Egyptian cellco Mobinil (in the process of being sold to France Telecom) and a 75% stake in CHEO, a cellular operator in North Korea.