CAIRO: Orascom Telecom net income more than doubled in the third quarter of 2009 as customer numbers climbed 12 percent, the company said in a statement, exceeding analysts estimates.
Orascom Telecom s net profit rose to $180.9 million for the quarter compared to a previously stated $69.4 million in the same period of 2008.
The average of forecasts by seven analysts was $125.6 million, while the highest estimate was for $142 million.
The performance of Orascom Telecom in the first nine months of 2009 has seen an improving trend over the course of the year as local currencies in most of our key operations have stabilized against the US dollar after the sharp devaluation of the currencies in Algeria, Pakistan and Tunisia, Executive Chairman Naguib Sawiris said in a statement.
While the economic environment has improved in recent months the competitive environment remains challenging. In this context Orascom Telecom Holding has continued to perform well, although 2009 will be a year of slower growth than 2008, in line with our forecasts, he added.
Subscribers rose 12.1 percent year-on-year to 89 million. Revenues declined slightly to $1.29 billion for the quarter from a previously stated $1.37 billion a year ago.
Earnings before interest, tax, depreciation and amortization slipped to $578 million, 5.5 percent below a previously stated $612 million.
