Egypt-based media company Orascom Telecom announced a loss of $975,000 in net income for the third quarter of 2011, compared with a $934m net profit in the same period in 2010. The company blames losses on the foreign exchange for the poor performance.

A 9 per cent growth in mobile revenues resulted in 3.5 per cent increase in total revenues to $1.01bn in the third quarter. Djezzy, Orascom’s Algerian unit was its biggest revenue generator with a 9.5 per cent increase in revenue to $486.7m in the same period.

Its total subscriber base grew by 12 per cent rise to reach 109 million.

In an announcement on its website, current chairman Khaled Bichara will be stepping down from his current role by the end of December “to pursue new business opportunities”. He was appointed chairman of Orascom Telecom earlier this year in May. The board is expected to appoint a new chairman in the meantime.