TE reports $425m in full-2013 earnings

April 12, 2014 1:11 am

Telecom Egypt has posted a net profit of EGP2.96bn ($425m) for 2013, up from EGP2.62bn a year earlier, Reuters has reported. The fixed line monopoly operator, whose revenues rose to EGP11.13bn from EGP10.03bn, said it would pay EGP1 ($0.14) per share, down from EGP1.30 a year earlier, despite higher sales and profits. Earlier in April, telecoms minister Atef Helmy said the company has been asked to pay EGP2.5bn for a mobile licence it seeks, and has also been given a one-year deadline to sell its near 45% stake in Vodafone Egypt.