Orascom Telecom Third-Quarter Net Profit Drops to $10.3 Million
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Orascom Telecom Holding SAE, North Africa’s biggest mobile phone company, said its third-quarter profit plunged as it accounted for the so-called fair value of its investments in two companies last year.
Net income for the period ended Sept. 30 was $10.3 million compared with $934.3 million a year earlier, the Cairo-based company said in a statement on its website today. Last year’s profit included $822 million related to the recognition of the fair value of its investments in Mobinil and Egyptian Co. for Mobile Services, it said.