Egypt’s Orascom TMT 2013 after-tax profit tumbles 70%

A trader speaks on his mobile phone next to a stock index board at the Egyptian Stock Exchange in Cairo on June 7, 2012. (File photo: Reuters)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41