(Adds details, background)
CAIRO May 14 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)