Egypt’s Global Telecom posts 349% increase in full-2013 net losses | Egypt’s Global Telecom posts 349% increase in full-2013 net losses -
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Egypt’s Global Telecom posts 349% increase in full-2013 net losses

: Monday, March 10 - 2014 @ 00:38

Egypt-based Global Telecom, formerly called Orascom Telecom, has widened its losses after taking a multi-million dollar impairment charge on its Canadian business, following the latter’s withdrawal from a 4G spectrum auction, Reuters has reported. Global Telecom said its fourth-quarter net loss rose 59% from a year ago to $749m, blaming currency factors as well as the Canadian writedown, and propelling its full-year loss to $924m, a 349% increase on 2012. Quarterly revenue fell to $834m from $908m.

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Monday, March 10- 2014 @ 0:38 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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