UPDATE 1-Egypt’s Orascom TMT 2013 After-Tax Profit Tumbles 70 Pct

Egypt’s Orascom Telecom Media and Technology Holding said on Thursday its 2013 profit after tax dropped by 69.5 percent compared with a year earlier to 1.12 billion Egyptian pounds ($161 million).

OTMT also said that in 2012 it sold 29 percent of Egyptian mobile service provider Mobinil to France Telecom for 202.50 pounds per share. It kept 5 percent of Mobinil shares and France Telecom holds about 94 percent.

The 2013 results came in a statement published in financial newspaper Al-Mal. OTMT’s shares closed at 1.51 pounds on Wednesday, putting its market cap at 7.92 billion pounds. ($1 = 6.9603 Egyptian Pounds).

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