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Orascom Telecom H1 profit falls
- Egypt: Wednesday, August 26 - 2009 at 11:04
Egypt-based Orascom Telecom Holding has seen a 33% drop in first-half profit. It said the fall was mainly due to currency charges and $65m of hedge losses in Pakistan. H1 net income fell to $183.6m from $276m. Sales dropped to $2.5bn from $2.7bn. Chairman and Chief Executive Officer Naguib Sawiris said: 'The first half of 2009 was characterised by a weak first quarter followed by a stronger second quarter." The company said Q2 income was $111.8m.
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StaffWednesday, August 26 - 2009 at 11:04 UAE local time (GMT+4)
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