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FINANCIAL NEWS
Telecom Egypt quarterly profits surge 23%
13 Aug 2010
(MENAFN) Telecom Egypt, which holds a monopoly on fixed line phone services in the country, said that its net profits for the second quarter of 2010 surged 23 percent, boosted by stronger margins, increased subscribers and growth in its broadband Internet service, AP reported.
The company said in a statement that its net income climbed to $170.3 million compared to $138.4 million in the second quarter of 2009.
Telecom Egypt has seen strong competition from mobile phone providers in Egypt. It has about 9.4 million fixed line subscribers compared to over 55 million mobile phone subscribers in the country.
The company said ADSL subscribers climbed 152 percent in the second quarter compared to the same period in 2009.
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