TE posts 36% drop in Q1 profit | TE posts 36% drop in Q1 profit -

TE posts 36% drop in Q1 profit

: Wednesday, May 14 - 2014 @ 10:46

Telecom Egypt, the country’s fixed-line monopoly operator, has said its first-quarter net income dropped 36%, saying business was hit by the weak economy, Reuters has reported. The company, which is 80% owned by the government, said its net profit fell to EGP549m ($77.82m), while revenues dropped 5.6% from a year earlier to EGP2.564bn. The drop in revenues was “mainly driven by a decline in wholesale services,” due to slower international traffic resulting from depressed tourism and business activity, said CEO Mohamed Elnawawy. The firm hopes to have a unified telecoms licence operational by the third quarter of this year, which would enable it to offer mobile services directly and boost revenue.

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Wednesday, May 14- 2014 @ 10:46 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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