Orascom Telecom Net Debt hits US$ 4,613 million
Orascom Telecom Holding (OTH) HAS ANNOUNCED its first half 2010 consolidated results. Revenues reached US$ 2,049 million1 (LE 11,433 million), increasing by 1% over H1 2009 as a result of strong growth in most of the GSM operations. With the inclusion of Mobinil, consolidated revenues would have reached US$ 2,493 million (LE 13,908 million). Q2 10 revenues increased by 7% compared to Q1 10.
EBITDA reached US$ 878 million1 (LE 4,940 million), remained stable over H1 2009 mainly as a result of weak performance in Algeria countered by strong performance in Bangladesh, Pakistan, Tunisia and North Korea. With the inclusion of Mobinil, consolidated EBITDA would have reached US$ 1,056 million (LE 5,987 million). Q2 2010 EBITDA increased by 1% over Q1
Group EBITDA margin was stable over H1 2009 at 42.9%. EBITDA margins of the major subsidiaries were: Djezzy 56%, Tunisiana 52.6%, Mobilink 39.6% and banglalink 34.4%. Net Income before minority interest for the first half of 2010 stood at US$ 17 million. Net income attributable to equity holders for H1 2010 was a net loss of US$ 17 million. This loss was due to a book-entry of unrealized foreign exchange losses of US$ 120 million from the US$ 3.5 billion denominated debt at OTH, as OTH's primary accounts are held in Egyptian Pounds, due to statutory requirements.
Earnings per GDR reached US$ (0.02)/GDR (based on a weighted average for the outstanding GDRs of 984 million over 6M 2010)2.
Net Debt as of June 30, 2010 stood at US$ 4,613 million. On a pro-forma basis, after receipt of the global settlement fee from France Telecom and LINKdotNET's sale proceeds, Net Debt/EBITDA will reach approximately 2.4x.
- Samsung Electronics Levant holds the prescreening for Marvel’s Avengers: Age of Ultron
- Samsung S6, S6 Edge receive warm welcome in Saudi Arabia
- Mission to Mars: UAE plans Arab region's first unmanned probe
- Eclipsing Facebook and Twitter: WhatsApp most popular social media site for Arabs
- Why the new Samsung Galaxy S6 will 'redefine mobility'