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Telecom Egypt wins EGP50m court ruling

Telecom Egypt wins EGP50m court ruling
Telecom Egypt
ETEL
-1.36% 37.78 -0.52
Egypt’s landline monopoly Telecom Egypt (TE) has won a judgment against a company that is operating in the field of communications cards, licensed by Egypt's National Telecommunications Regulatory Authority (NTRA),by which the firm has to pay to TE an amount of EGP50 million.
The agreement between the two companies shall be cancelled since that firm has not paid the dues of TE, according to Al Ahram gazette.
TE had posted EGP 1.79 billion consolidated net profit for the first nine months of FY14, with a drop by 25% compared with EGP 2.4 billion reported in the same period a year earlier.