Orascom Telecom Says Q3 Profit Hit $106 Mln

Egypt-based Orascom Telecom “Global Telecom” (ORTE.CA) reported on Wednesday third-quarter net profit attributable to equity holders of $106 million, reversing a net loss of $1.5 million for the same period a year earlier.

Orascom, which is controlled by Russia’s VimpelCom, said profits were mainly driven by foreign exchange gains.

Revenues for the quarter stood at $885 million, the firm said, while earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $425 million. Total subscribers exceeded 85 million, up 14 percent from a year earlier.

On Monday during their ordinary general meeting, shareholders of Orascom Telecom Holding endorsed the service agreement inked with VimpelCom Ltd. (VIP). They also dropped the unpaid returns from the loan owed by Globalive Wireless Management.

Also On Monday, OTH’s extraordinary general meeting (EGM) approved rebranding the company to Global Telecom Holding, and amending article No. 2 of Articles of Incorporation accordingly.