UPDATE 1-Egypt's Global Telecom posts Q1 net profit of $43 mln
(Adds details, background)
CAIRO May 14 (Reuters) - International telecoms firm Global Telecom Holding, the Egypt-based group formerly called Orascom Telecom, reported on Wednesday a net profit of $43 million for the first quarter of 2014.
That compared with a loss of $204 million in the first quarter of last year.
Global Telecom's Executive President Ahmed Abou Doma will resign on June 30, 2014, the company added. He will be succeeded by Vincenzo Nesci as CEO and board member, while continuing in his role as chairman of Orascom Telecom Algérie SpA.
Total customers increased 8 percent year-on-year to exceed 90 million by the end of the first quarter, driven by growth in Algeria and Pakistan, as well as in Bangladesh and Canada, Global Telecom said.
Revenue fell to around $830 million in the first quarter from $849 million in the same period last year. Revenue was hit by the depreciation of some local currencies in its markets against the U.S. dollar, mainly in Pakistan, it added.
Global Telecom Holding is a member of the VimpelCom Group . (Reporting by Shadia Nasralla; Editing by Mark Potter)
- Scots spurn independence, vote to stay in the United Kingdom |
- Scots independence polls close, UK's future in the balance |
- Eight bodies found after attack on Guinea Ebola education team
- Alibaba IPO prices at top of range, raising $21.8 billion |
- Two adults, six children dead in Florida shooting: report