UPDATE 2-Orascom Telecom posts higher profit, names new CEO

* OT names Khaled Bichara CEO; Bichara reports to Sawiris

* Q3 net income more than doubles, subscribers up 12 pct (Recasts with management restructure, adds details)

By Cynthia Johnston

CAIRO, Nov 15 (Reuters) - Egypt's Orascom Telecom (ORTE.CA)(ORTEq.L) on Sunday reported its third-quarter net income more than doubled as customer numbers climbed, and it named a new chief executive in a restructuring focused on growth.

Orascom Telecom posted a net profit of $180.9 million for the quarter compared to a previously stated $69.4 million in the same period of 2008, beating the average forecast of $125.6 million by seven analysts.

"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 stabilised against the U.S. 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. Operating income dipped 14 percent to $321 million in the quarter.

Earnings before interest, tax, depreciation and amortisation slipped to $578 million, 5.5 percent below a previously stated $612 million.

But the company saw a foreign exchange gain of $77.9 million in the quarter, helping boost the net figure.

The company also named Khaled Bichara as group chief executive officer to take over from billionaire businessman Sawiris, who will stay on as executive chairman and continue to be involved in the company's businesses with more focus on strategic growth.

Bichara, who since April had been Orascom's chief operating officer, will report to Sawiris, a company statement said. From 2005, he had headed the fixed line and portal business unit at Italian mobile operator Wind, which is owned by Sawiris, and was later promoted to chief operating officer there.

BICHARA NAMED CEO

Sawiris said he hoped Bichara would draw on experience in the restructuring of Wind to usher Orascom into a "more aggressive period of growth" and turn it into a more agile firm.

"I will also remain involved in the businesses with more focus on steering the group's strategic growth while guiding and supporting the activities of the senior management team," Sawiris said in the statement.

"I believe that the telecom market will see massive consolidation during the coming years, and with the new structure I will be able to devote more time and effort in this direction," he added.