Telecom Egypt Q1 net up, business improves
Cairo, May 14, 2012
Landline monopoly Telecom Egypt reported on Monday a 1.7 percent rise in net profit for the first quarter of 2012, saying the Egyptian business environment was improving after a turbulent year in 2011.
The company reported consolidated net income of 912 million Egyptian pounds ($151 million) in the first three months of the year, compared to 897 million a year earlier.
'Following a turbulent year in 2011, the Egyptian business environment is showing signs of normalising. This is reflected in our revenue performance year on year and quarter on quarter,' chief executive officer and managing director Tarek Aboualam said in a statement.
Egypt's economy has been battered by political turmoil since Hosni Mubarak was ousted from office in February 2011. Since then, a transition to democracy has been marred by violence and rows between political groups and the ruling army.
Consolidated revenues rose 12 percent 2.68 billion pounds. Earnings before interest, tax, depreciation and amortisation (EBITDA) were 1.39 billion pounds, delivering a margin of 52 percent, the company said. Earnings per share for the period were 0.53 pounds.
Telecom Egypt owns a 45 percent stake in British operator Vodafone's local unit. It said Vodafone Egypt made a positive contribution to the share of profits of 192 million pounds. Telecom Egypt shares closed at 13 pounds on Sunday. - Reuters