Orascom Telecom’s revenues for the first half reached USD 2.05 billion, increasing by 1 percent over H1 2009 as a result of strong growth in most of its GSM operations. With the inclusion of Eygptian operator Mobinil, which is not consolidated due to the change in its shareholders agreement with France Telecom, revenues would have reached USD 2.49 billion. The Q2 revenues increased by 7 percent compared to Q1. Total subscribers exceeded 99 million (including Mobinil), an increase of 18 percent over the same period last year. EBITDA reached USD 878 million, stable over H1 2009 mainly as a result of a weak performance in Algeria countered by strong performances in Bangladesh, Pakistan, Tunisia and North Korea. With the inclusion of Mobinil, EBITDA would have reached USD 1.06 billion. The Q2 EBITDA increased by 1 percent over Q1. Group EBITDA margin was stable year-on-year at 42.9 percent. Net profit before minority interests for the first half stood at USD 17 million, while net income attributable to equity holders was a net loss of USD 17 million, versus a profit of USD 183 million a year ago. This loss was due to unrealized foreign exchange losses of USD 120 million from the USD 3.5 billion debt at the company, as well as higher financing costs, impairment charges and a gain in the year-earlier period for the sale of M-Link. Group CEO Khaled Bichara said the first half demonstrated stable growth for most of the operations, supported by a trend of high additions to various customer bases. In comparison to Q1, he said the second quarter boosted subscriber levels and showed a slight alleviation of competitive pressures. He said the fourth quarter disruptions in Algeria have began to subside at Djezzy, which displayed 6 percent sequential revenue growth in Q2, while the situation in Egypt witnessed significant improvement after the agreements concluded with France Telecom.