Egypt’s landline monopoly Telecom Egypt (TE) has posted Wednesday its consolidated financial results for the first nine months of FY14, showing that net profit fell 25% to EGP 1.79 billion, from EGP 2.4 billion reported in the same period a year earlier.
The company said, in a statement to the stock market, that Q3 profit dropped 61.3% to EGP 251.9 million, compared with EGP 650.83 million in Q3-13.
TE is seeking to provide mobile phone services, but the Egyptian government has not decided yet to activate the integrated telecom license, as it has not ended the disputes in this regard with other telecom operators.