Wednesday, Apr 18, 2012
(This story was originally published Tuesday.)
DUBAI (Zawya Dow Jones)--Egypt's Orascom Telecom Holding S.A.E. (ORTE.CI) said Tuesday that its external auditors have requested a change in the calculation of the income tax charge on 2011 financial statements, resulting in an income tax increase of 241 million Egyptian pounds ($40 million).
In March, OT said its fourth-quarter net loss narrowed to $83 million, but the company continued to rack up foreign exchange losses related to the depreciation of local currencies against the dollar.
OT made a net loss of $170 million in the previous year's fourth quarter, a result that was affected by hefty impairment charges on its operations in Namibia, it said at the time.
In March, it reported $202.9 million income tax in its 2011 financial results.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
(END) Dow Jones Newswires
18-04-12 0343GMT
