Telecom Egypt sees 2012 net profit drop 13%
Ahram Online, Monday 11 Mar 2013
Telecom Giant's FY 2012 revenues grow 2% but net profit declines 13%


Telecom Egypt's (TE) revenues for the 2012 fiscal year grew by 2 percent to reach LE10.03 billion, Net profit, however, declined by 13 percent from the previous year's LE2.99 billion to sit at LE2.61 billion, according to FY2012 results released by the company Sunday.

Egypt's only landline provider announced revenues of LE2.49 billion for the forth quarter of 2012, a net profit decline from the third quarter's LE633 million, to LE452 million.

The revenues for the forth quarter represent a 2 percent decline from the previous year.

In line with these results, the company's board of directors recommended a final dividend distribution of LE 1.30 per share at its annual shareholders' meeting, scheduled for 27 March 2013.

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