Orascom Telecom, which operates in Algeria, Pakistan, Tunisia, Bangladesh, Zimbabwe, North Korea as well as Egypt, represents 15% of the weighting of the benchmark Egyptian index EGX 30, and is the largest Arab mobile operator by subscribers, has declined 77% from its peak in January 2008, and on Monday the firm announced a 76% decline in full year net profit. That said, Chairman Naguib Sawiris argued that most of the firm’s businesses, excluding Pakistan, achieved growth and profit targets. In Pakistan, however, the volatile political, economical and financial conditions, coupled with the devaluation of the Pakistani rupee, have “negatively impacted the strong performance of the rest of the group.” Orascom’s Pakistani operation, Mobilink, lost ground in key areas such as revenue, earnings, ARPU and number of subscribers.
JGW
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