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Orascom subscribers pass 77mn mark

Cairo-based mobile phone firm says customers up 31% but net income down by 4%.

Regional mobile phone operator Orascom Telecom reported a four percent decline in net income for the first half of 2008 to $276 million.

The Cairo-based group said in a statement on Tuesday earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 22 percent to $1.16 billion. Orascom Telecom said revenues rose 19 percent to $2.652 billion.

Total subscribers exceeded 77 million, up 31 percent over June 2007 on a proforma basis, the group said.

It added that the number was calculated after excluding the subscribers of its former Iraqi subsidiary Iraqna in June 2007. (Reuters)