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Telecom Egypt Q1 net up, business scene improves

The dominating landline company sees rise in profits on business environment improvement

Reuters, Monday 14 May 2012
Telecom Egypt
Telecom Egypt (Photo: Al-Ahram)
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Landline monopoly Telecom Egypt reported on Monday a 1.7 per cent 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 LE912 million in the first three months of the year, compared to LE897 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 per cent LE2.68 billion . Earnings before interest, tax, depreciation and amortisation (EBITDA) were LE1.39 billion, delivering a margin of 52 per cent, the company said.

Earnings per share for the period were LE0.53.

Telecom Egypt owns a 45 per cent stake in British operator Vodafone's local unit. It said Vodafone Egypt made a positive contribution to the share of profits of LE192 million.

Telecom Egypt shares closed at LE13 on Sunday.

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