March 6, 2013 / 9:40 AM / 5 years ago

UPDATE 1-Egypt's Orascom Telecom has bigger fourth quarter loss

CAIRO, March 6 (Reuters) - Cairo-based Orascom Telecom on Wednesday reported a bigger net loss of $468.9 million before minority interests in the fourth quarter, compared with a loss of $123.5 million a year earlier.

The company reported a full-year loss of $205.76 million, compared with a profit of $660.35 million in 2011.

Orascom Telecom said the deterioration was driven by tax charges, foreign exchange losses and other financial problems.

The company, controlled by Russia’s Vimpelcom since April 2011, said its fourth-quarter revenue stood at $908.34 million, up from $895.71 million a year earlier.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 23 percent to $425.50 million. Subscriber numbers reached 84.92 million, up 8.7 from the fourth quarter of 2011.

The company also has operations in Algeria, Pakistan, Bangladesh and Canada. It said its revenues in Algeria and Pakistan were affected by the local currency devaluations against the dollar.

It reported a 1 percent drop in its 2012 revenues from its Djezzy unit in Algeria and 0.1 percent fall in its Pakistan unit, Mobilink. Its revenues from Bangladesh rose 8.4 percent in 2012.

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