Orascom Telecom Says Net Profit 81% Down; H1

Orascom Telecom Holding – (OTH) (ORTE.CA) reported a net profit of EGP 919 million during the first half of 2012, 81% down from a year earlier net profit of EGP 4.816 billion.

Operating profit rose 6.1% to EGP 3.275 billion during H1/2012, compared to EGP 3.085 billion during H1/2011. Revenues went up 3.2% to EGP 11.075 billion, compared to EGP 10.731 billion a year earlier amid the drop-off in the Group’s total expenses and consumption rates.

The income statement revealed that the net financing cost has retreated to EGP 1.416 billion during H1/2012, compared to EGP 1.786 billion in H1/2011.