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Telecom Egypt Q3 net dips 13% to EGP 826 million Thursday 12 November 2009 | 10:24 PM CET
 
Telecom Egypt posted a 13 percent decline in net profit for the third quarter to EGP 826 million. It posted 9-month net profit of EGP 2.576 billion, 18 percent up from a year earlier. The firm said its sales revenues declined 5.5 percent to EGP2.54 billion in the quarter. EBITDA after subtracting provisions declined 11.2 percent to EGP1.245 billion. According to Reuters, CEO Tarek Tantawy said the business model was very quickly adapting to the rapid market changes and intensive competition from mobile operators. Broadband customers were up 68 percent year-on-year growth to a total of 572,000. However, fixed-line customers fell 15 percent year-on-year to 9.6 million.
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