Global Telecom, the Egypt-based group formerly called Orascom Telecom, has fallen deeper into the red after taking a multi-million-dollar impairment charge on its Canadian business following the latter's withdrawal from a 4G spectrum auction.
The group's results coincided with earnings from 51.9% owner Vimpelcom, which were also impacted by events at the Canadian unit Wind Mobile.
Global Telecom said its fourth-quarter net loss rose 59% from a year ago to $749 million, blaming currency factors as well as the Canadian writedown, and propelling its full-year loss to $924 million, or 349% greater than 2012.
Quarterly revenue fell to $834 million from $908 million.
In a statement, Global Telecom said it had written down its Canadian business by $619 million.
Wind Mobile withdrew from the Canadian auction in January after Vimpelcom decided not to fund its participation, putting Wind in a difficult spot as operators seek the airwaves needed to support booming demand for mobile data.
Wind is Canada's fourth-largest operator but trails far behind the top three. Global Telecom has a 65% indirect equity ownership in Wind Mobile.
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