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FINANCIAL NEWS
Egypt’s Mobinil posts 2% decline in Q1 profit
27 Apr 2010
(MENAFN) Egyptian mobile phone company Mobinil said that it made $64 million net in the first quarter, down 2 percent from a restated figure from a year earlier, Reuters reported.
Mobinil added 767,000 subscribers during the quarter for a total of $4.7 million by end-March, and that average revenue per user (ARPU) had dropped 18 percent on a year earlier to $5.77 per month.
The telecom firm, which leads Egypt’s competitive mobile market by subscribers, said that its revenue was $460 million, versus $450 million in the same quarter a year earlier.
Mobinil’s Chief Executive, Hassan Kabbani, said that the first quarter has been hurt by the effects of the global economic turmoil, adverse regulatory conditions and intense competition pressuring down prices. Kabbani also expected that the Egyptian mobile market will see a high level of maturity this year.
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