Cairo – The consolidated financial statements of Telecom Egypt reported net profits of EGP 1.313 billion in the first quarter of 2020, down by 19% year-on-year (YoY) from EGP 1.616 billion.
The company generated EGP 7 billion in revenue in the January-March period, up by 15% from EGP 6.08 billion in the corresponding period in 2019, according to a bourse disclosure on Thursday.
The drop in net profits was ascribed to a “a 28% YoY decline in investment income from Vodafone resulting from one-off costs and provisions, which offset the strong operational growth and the FX gains,” the statement showed.
As for standalone business, the state-run telecom operator achieved net profits of EGP 566.914 million, down from EGP 5.308 billion in Q1-19, and generated revenue of EGP 5.457 billion in the first three months of 2020, compared to EGP 4.930 billion in the prior-year period.
It is noteworthy to mention that in 2019, Telecom Egypt logged net profits of EGP 4.4 billion, up from EGP 3.3 billion in 2018.
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