CAIRO: Orascom Telecom is expected to post fourth-quarter net profit of $70 million on Monday, reversing a net loss of $178.8 million in the same period a year earlier when it was weighed down by one-off items, according to a poll of analysts.
Results at the Egypt-based company, which has operations in Algeria, Pakistan, Bangladesh and Canada, should no longer be affected by one-off factors that affected the bottom line a year earlier, said an analyst on condition of anonymity.
In the fourth quarter of 2010, the company was dragged to a loss by currency effects, impairment of deferred taxes and assets and losses at a start-up.
The first quarter last year was up on extraordinary gains from the sale of its Tunisian unit, the second was hit by a loss from discontinued operations and a higher tax on the Tunisia sale, and the third by a foreign exchange loss related to the depreciation of the Canadian dollar.
Russia's Vimpelcom acquired Orascom Telecom's parent company from Egypt's Sawiris family in April last year.
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