Orascom Posts Second-Quarter Profit for First Time Since ’09
The company posted a net income of $27 million for the three months ended June, after reporting a $58 million loss in the same period last year, according to a statement posted on its website today. Orascom was expected to report net income of $57.1 million by EFG-Hermes Holding SAE and $58.7 million by Audi Saradar Investment Bank. Revenue increased 0.8 percent from a year earlier to $934.2 million, it said.
Djezzy, the company’s Algerian unit and Orascom’s biggest source of revenue, increased its subscriber base by 11 percent to 17.7 million. Total subscribers for Orascom, which also has units in Pakistan, Bangladesh, Zimbabwe and Canada, rose 15 percent to 83.3 million, it said.
Orascom gained 1.4 percent to 3.66 Egyptian pounds at the close in Cairo before the results announcement. Shares have more than doubled this year, outperforming the 41 percent advance for the benchmark EGX 30 Index.
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