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FINANCIAL NEWS
Telecom Egypt reports 3% rise in Q1 earnings
13 May 2010
(MENAFN) Telecom Egypt said in a statement that its net profit rose by 3 percent in the first three months of 2010 to $177 million, on $446 million revenues during the period, Reuters reported.
The company added that it had 9.3 million fixed-line subscribers at end-March, compared with 11.5 million a year earlier. It tightened its credit policy last year, cutting off around 2 million subscribers.
Wholesale revenues, or the money the company makes from services such as leasing bandwidth and providing interconnection to other firms, rose 14 percent on the same quarter a year ago thanks to more activity among third party operators, the statement added.
The firm, in which the Egyptian government retains an 80 percent stake, said income from investments including its 45 percent stake in Vodafone’s Egyptian unit.
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