CAIRO, March 16 (Reuters) - Egypt's Orascom Telecom (OT) posted a 7 percent rise in full year net profit, excluding exceptionals, to $431 million, the company said after the close of trade on Monday.
Orascom Telecom, the largest Arab mobile operator by subscribers, said its net revenue was $5.33 billion, an increase of 13 percent. Its total subscribers reached 78 million, up 11 percent from December 2007.
The profit was well below two forecasts. Investment bank Beltone had forecast that OT would make a net profit of $613 million for the full year, and EFG-Hermes had forecast $656 million.
OT said in a statement that average revenue per user (ARPU) declined in several markets because of increased competition and regulatory pressure on interconnector rates.
Chairman Naguib Sawiris said in the statement that most of OT's businesses, excluding Pakistan, had achieved growth and profit targets.
'In Pakistan, the difficult political, economical and financial conditions combined with the dramatic devaluation of the Pakistani rupee have negatively impacted the strong performance of the rest of the group,' Sawiris said.
Orascom Telecom operates in Algeria, Pakistan, Tunisia, Bangladesh, Zimbabwe, and North Korea as well as Egypt.
OT shares closed 4.25 percent lower on Monday at 20.75 pounds ($3.68).
The stock, which constitutes 15 percent of the weighting of the benchmark Egyptian index, has declined 77 percent from a peak above 93 pounds in January 2008.
($1 = 5.6374 Egyptian pounds)
(Writing by Alastair Sharp) Keywords: ORASCOMTELECOM/RESULTS (alastair.sharp@reuters.com; Cairo newsroom +20 2 2578 3290) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Orascom Telecom, the largest Arab mobile operator by subscribers, said its net revenue was $5.33 billion, an increase of 13 percent. Its total subscribers reached 78 million, up 11 percent from December 2007.
The profit was well below two forecasts. Investment bank Beltone had forecast that OT would make a net profit of $613 million for the full year, and EFG-Hermes had forecast $656 million.
OT said in a statement that average revenue per user (ARPU) declined in several markets because of increased competition and regulatory pressure on interconnector rates.
Chairman Naguib Sawiris said in the statement that most of OT's businesses, excluding Pakistan, had achieved growth and profit targets.
'In Pakistan, the difficult political, economical and financial conditions combined with the dramatic devaluation of the Pakistani rupee have negatively impacted the strong performance of the rest of the group,' Sawiris said.
Orascom Telecom operates in Algeria, Pakistan, Tunisia, Bangladesh, Zimbabwe, and North Korea as well as Egypt.
OT shares closed 4.25 percent lower on Monday at 20.75 pounds ($3.68).
The stock, which constitutes 15 percent of the weighting of the benchmark Egyptian index, has declined 77 percent from a peak above 93 pounds in January 2008.
($1 = 5.6374 Egyptian pounds)
(Writing by Alastair Sharp) Keywords: ORASCOMTELECOM/RESULTS (alastair.sharp@reuters.com; Cairo newsroom +20 2 2578 3290) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.