Telecom Egypt posts 360 percent jump in Q3 net profit

Reuters , Monday 16 Nov 2015

Telecom Egypt (photo: Al-Ahram)

Telecom Egypt, the country's state-owned landline monopoly, posted a 360 percent jump in third-quarter net profit, the company said in a statement on Monday, attributing the increase to corporate tax changes.

Telecom Egypt achieved a profit of 1.2 billion Egyptian pounds ($153.3 million) in the three months through September, compared with 262 million in the same period a year earlier.

"We experienced a significant increase in net profit, which was primarily attributable to amendments to the corporate tax law," the statement said.

"As a result, the company had to reverse a deferred tax liability amounting to 613 million pounds," it added.

Revenue for the quarter rose 8 percent to 2.9 billion pounds, the company said.

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