Orascom Held Back by Pakistan

Orascom Telecom said its revenues in the first half of 2009 fell 2% year-on-year to 2.45 billion US dollars due to adverse currency movements. In local currencies, revenues rose 7% in Algeria and 22% in Tunisia, while falling 2% in Pakistan.

Group capital spending fell 41% year-on-year to 591 million US dollars in the first half of 2009, as Orascom cut back on investments in Pakistan and Bangladesh to boost its cash flow. source: Orascom Telecom statement