Mar
17
Written by:
Editor
3/17/2009 7:36 AM
Orascom Telecom Holding (OTH) has reported a 76 drop in full-year net profit to US$431 million, after one-off gains a year ago were stripped out. Excluding the one-offs, which had included the sale of its operations in Indonesia and Iraq, the firm posted a 7 percent rise in its full-year results.Full-year revenues rose by 13% to US$5.33 billion while net debt stood at US$5.1 billion at the end of the year.Naguib Sawiris, Chairman and CEO of OTH, commented on the results: 2008 demonstrated the strong resilience of our business in increasingly volatile and challenging global economic conditions. Most of our businesses, with the exception of Pakistan, have achieved their target in terms of growth and profitability. In Pakistan the difficult political, economical and financial conditions combined with the dramatic devaluation of the Pakistani Rupee have negatively impacted the strong performance of the rest of the group.
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