Monday, Nov 12, 2012
DUBAI (Zawya Dow Jones)--Telecom Egypt, the country's sole fixed line provider, posted a 3% rise in third quarter net profit, boosted by its broadband and wholesale business, while income from its investment in mobile operator Vodafone Egypt increased.
Net profit in the three months ended Sept. 30 amounted to 633 million Egyptian pounds ($104 million), up from EGP615 million in the year ago period, Telecom Egypt said in a statement on Monday. Revenue in the same period rose 6% to EGP2.48 billion, it added.
"We have had a very strong quarter where we have grown revenues and managed our costs," said Mohamed El-Nawawy, Telecom Egypt's managing director and chief executive. "The growth of our broadband and wholesale business, coupled with the solid performance of our investment in Vodafone Egypt, has allowed us to sustain attractive margins and positions us well for the future."
Telecom Egypt said the contribution of share of profits from Vodafone Egypt was EGP232 million in the third quarter, up 3.4% on the previous year. Meanwhile, net ADSL subscriber additions surged by 61% on the year.
Telecom Egypt shares closed trading Sunday at EGP13.94.
Write to Tim Falconer at tim.falconer@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
12-11-12 0817GMT
