Global Telecom Holding, a leading provider of mobile telecommunications in Africa and Asia, said it suffered $50 million in losses for the first quarter of 2015.

The company attributed the losses mainly to a lower EBITDA when compared to Q1-14.    

Also, depreciation and amortisation charges were higher year-on-year,  mainly due to the increase in amortisation of a 3G license in Pakistan and the increase in software licenses in Algeria.

Meanwhile, FOREX losses in Q1-15 amounted to $31 million as a result of the depreciation of the Algerian dinar. In addition, impairment of $6 million was booked in Telecel Zimbabwe following the cancellation of the license by the regulator in April.

However, these increases in costs were partly offset by lower financial expenses as a result of repayment of the shareholder loan to VimpelCom and lower income tax charges.

The company's EBITDA declined 19% to reach $320 million, mainly due to the Algerian dinar depreciation. Nevertheless, the EBITDA margin remained strong at 44.5% y-o-y.

Revenue recorded $719 million for Q1-15, a decline of 5% compared to the same period last year, due to the 3G gap in Algeria, the negative impact from implementation of transparent charging regime on VAS and SIM re-verification activities in Pakistan, partially offset by double digit growth in Bangladesh.

The company's customer base expanded 4% y-o-y to 89 million, driven by strong growth in Bangladesh and Algeria.