Egypt’s Global Telecom reports widened net loss for Q2

August 9, 2014 9:07 am

Global Telecom Holding, the Egypt-based group formerly known as Orascom Telecom, on Wednesday reported a widened net loss of $173.1m for the second quarter of 2014. That compared with a loss of $22.7m in the second quarter of last year, Reuters has reported. Foreign exchange losses of $109m and a bad business performance in the Central African Republic and Burundi, which contributed to impairments of $22m, hit Global Telecom’s revenues, the company said. Egypt’s central bank, which effectively controls official foreign exchange rates, allowed the Egyptian pound to weaken sharply against the dollar between April and June. An official at the company said the foreign exchange hit was the result of a “retranslation” of loans between U.S. dollars and Egyptian pounds.