Egypt-based Orascom Telecom has reported lower revenues and net income for the first half of the year as the Middle East and North African mobile giant was hit by negative currency devaluations against the US dollar at its key operations. 1H09 revenues were down 2.3 percent over the same period a year ago to US$2.48 billion, while net income fell to US$184 million from US$276 million a year ago. However, the weak performance recorded in 1Q09 was offset by a 56 percent increase in net income in the second quarter. “The first half of 2009 was characterised by a weak first quarter followed by a stronger Q2; nevertheless the economic environment in which we are operating is still challenging and we see only timid signals of economic growth returning,” said Naguib Sawiris, Orascom’s chairman and CEO. “In this context we are satisfied that our performance to date this year is in line with our forecasts, which predict a slower growth than in the same period of 2008.”

In the first half of 2009 Orascom grew its subscriber base by 8.7 percent over the previous year driven by impressive customer growth in Egypt, up 31 percent, Bangladesh, up 17 percent, and Tunisia, up 13 percent. Orascom said it remains market leader in all its countries of operation, with the exception of Bangladesh. The group EBITDA margin stood at 44.3 percent. EBITDA margins in its major subsidiaries were: Djezzy (Algeria) 60.6 percent, Mobilink (Pakistan) 35.5 percent, Mobinil (Egypt) 49.7 percent, Tunisiana (Tunisia) 54.2 percent, and banglalink (Bangladesh) 35 percent.