Bloomberg News

Orascom Telecom Heads for Biggest Drop in 4 Months After Loss

March 13, 2012

Orascom Telecom Holding SAE (ORTE), North Africa’s biggest mobile phone company, headed for the biggest decline in almost four months after reporting a fourth-quarter loss.

The shares dropped 5.4 percent to 4.05 Egyptian pounds at 1:03 p.m. in Cairo, poised for the biggest retreat since Nov. 22. The benchmark EGX 30 fell 2 percent.

The Cairo-based company’s loss for the period that ended Dec. 31 narrowed to $91 million from $179 million a year- earlier.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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