Global Telecom
GTHE
GTHE
Naeem Research said the financial results of Global Telecom Holding for Q4-14, which showed net loss of US$754 million, resulted by impairments (mainly in Canada) and FX losses.
Top-line and margins were also hit by local currency devaluations against US$, alongside on-going regulatory & governmental restrictions in some countries and unstable macro environment in Pakistan and Bangladesh, Naeem added.
“Our take is negative on the results; we revise downwards our estimates (mainly margins) and TP to EGP4.9/share (US$3.5/GDR) from EGP5.1/share( US$3.65/GDR) – HOLD,” Naeem said.
The telecom company had reported a net loss of US$ 924.3m in 2013, compared to a net loss of US$ 205.8m reported in 2012.
It reported a 7.0% increase in its customer base in Q4-13, compared to the same period a year earlier. FY13 revenues also retreated 5% to US$3.4 billion from $3.62 billion in FY12. Meanwhile, Q4 loss widened 60% to US$748.78 million, compared with US$468.9 million loss in the same period a year earlier. Q4 revenue fell 8% toUS$833.5 million from US$908.3 million.
Top-line and margins were also hit by local currency devaluations against US$, alongside on-going regulatory & governmental restrictions in some countries and unstable macro environment in Pakistan and Bangladesh, Naeem added.
“Our take is negative on the results; we revise downwards our estimates (mainly margins) and TP to EGP4.9/share (US$3.5/GDR) from EGP5.1/share( US$3.65/GDR) – HOLD,” Naeem said.
The telecom company had reported a net loss of US$ 924.3m in 2013, compared to a net loss of US$ 205.8m reported in 2012.
It reported a 7.0% increase in its customer base in Q4-13, compared to the same period a year earlier. FY13 revenues also retreated 5% to US$3.4 billion from $3.62 billion in FY12. Meanwhile, Q4 loss widened 60% to US$748.78 million, compared with US$468.9 million loss in the same period a year earlier. Q4 revenue fell 8% toUS$833.5 million from US$908.3 million.
Source:
Mubasher
