Global Telecom Holding (GTH), a leading provider of mobile telecommunications in Africa, Asia and North America, announced today its consolidated financial and operating results for the third quarter ending September 30, 2013.

Consolidated financial results for Q3-13 showed that revenue fell 1%, affected by governmental and regulatory actions, to reach $861 million, compared with $884.7 million in the same period a year earlier.

The company’s Q3 net income before minority interest fell 54.1% to $50.79 million from $110.67 million. The number of subscribers rose 4% to 88 million.

Financial indicators for the first nine months of FY13 showed EGP 1.211 billion loss after tax, against EGP 1.543 billion profit in the same period a year earlier.

Commenting on the financial results, Naeem Research said in a report that Q3 net profit is GTH’s first positive bottom-line during 2013.

According to Naeem, GTH operations reported healthy top line growth rates in local currency terms, devaluations against the USD mainly Pakistan, lead to a weaker performance in USD terms. This has been partially offset by the appreciation of the Bangladeshi Taka against the USD during the quarter alongside with the solid performance in Algeria.

“Overall, we maintain our positive view on the company as it continues to report healthy Subscribers growth rates and solid financial performance (in local currency terms). We continue recommending OTH as a Buy,” Naeem said.