Orascom Telecom Falls After Reporting Quarterly Loss

Orascom Telecom Holding SAE (ORTE), North Africa’s biggest mobile networks operator, declined for the fourth time in five days after reporting a second-quarter loss.

Shares fell 2.7 percent to 3.22 Egyptian pounds at the 1:30 p.m. close in Cairo, giving it a market value of 16.9 billion pounds ($2.8 billion). The benchmark EGX 30 Index (EGX30) retreated 1.5 percent.

The Cairo-based company said late yesterday it had a second-quarter loss of $58.5 million without providing a comparative figure for the year-earlier period. It had a loss of $82.8 million in the second quarter of 2010, according to Bloomberg data.