Egypt Rejects France Telecom Bid For Mobinil

Orascom, with operations in Algeria, Pakistan, Tunisia, North Korea and Bangladesh, on Tuesday night posted a 66 percent decline in net profits in the first quarter of the year, missing some analyst expectations.

Net income dropped to $72 million from $210 million the same period a year earlier, dragged down by foreign exchange losses of about $62 million, Orascom said.