Telecom Egypt Q3 earning decline by 21 per cent

Telecom_Egypt Telecom Egypt posted a 21 per cent drop in third-quarter net profit as the telecoms company suffered from the popular uprising earlier in the year.Telecom Egypt posted a 21 per cent drop in third-quarter net profit as the telecoms company suffered from the popular uprising earlier in the year.

The company said its net income fell to US$104.2mn from US$132.3mn in the same period a year earlier. The company's subscriber base fell to 8.6 million at the end of September from 9.4 million a year earlier.

Hit by economic uncertainty

Revenues were hit by slower business activity, weaker household incomes, depressed tourism and an absence of cable revenues.

"Economic uncertainty, depressed tourism levels and slower business activity have created a drag on Telecom Egypt's short term financial performance," said Chairman Akil Beshir in a statement.

"While there has not yet been a return to normal operating conditions in Egypt, we have mitigated these effects to a greater extent than our competitors," he said.

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