(Adds details from statement, comparative figures, background)
CAIRO May 15 Egyptian mobile phone operator
Orascom Telecom Holding said on Wednesday it swung to
a net loss in the first quarter of 2013, blaming foreign
exchange losses and impairment of some assets.
The firm, controlled by Russia's Vimpelcom, made a
net loss before minority interests of $204 million for the
quarter compared to a profit of $120.4 million a year earlier,
it said in a statement.
It said the loss was "mainly driven by the adverse impact of
foreign exchange losses of $173 million and the impairment of
assets held for sale by $58 million, as to reflect the fair
value of our operations in CAR (Central African Republic) and
Orascom said it made revenue of $849 million for the
quarter, a decline of about 1 percent over the previous year.
Total subscribers increased 3 percent from a year earlier to
about 85 million.
The firm's management on Tuesday recommended shareholders
reject an offer by a subsidiary of Russian billionaire Mikhail
Fridman's Altime to buy the company for $0.70 a share.
It said an independent financial adviser had put a fair
value on Orascom's shares of $0.86 per share.
Orascom has mobile businesses in Canada, Algeria and other
emerging markets such as Bangladesh.
(Reporting by Alexander Dziadosz; Editing by Tom Pfeiffer)