Egypt’s Orascom TMT 2013 after-tax profit tumbles 70%
OTMT says that in 2012 it sold 29 percent of Egyptian mobile service provider Mobinil to France Telecom
Egypt’s Orascom Telecom Media and Technology Holding said on Thursday its 2013 profit after tax dropped by 69.5 percent compared with a year earlier to 1.12 billion Egyptian pounds ($161 million).
OTMT also said that in 2012 it sold 29 percent of Egyptian mobile service provider Mobinil to France Telecom for 202.50 pounds per share. It kept 5 percent of Mobinil shares and France Telecom holds about 94 percent.
The 2013 results came in a statement published in financial newspaper Al-Mal. OTMT’s shares closed at 1.51 pounds on Wednesday, putting its market cap at 7.92 billion pounds.