Cairo – Mubasher: Telecom Egypt (TE) on Thursday reported a 48% year-on-year drop in consolidated profits for the first quarter of 2018, recording EGP 689.6 million from EGP 1.3 billion, including minority shareholders’ rights.

Revenues grew to EGP 4.7 billion in the three-month period ended March 2018, versus EGP 4.1 billion in revenues in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

TE’s share from Vodafone Egypt’s earnings retreated to EGP 286 million in Q1-18 from EGP 675 million in the corresponding period of 2017.

Financing cost surged to EGP 291 million in the first three months of this year, versus EGP 107 million in the same period last year.

Meanwhile, standalone profits shrank to EGP 362.2 million in Q1-18, against EGP 743.5 million in Q1-17.

TE had previously posted a net profit of EGP 3.2 billion for the full-year ended December 2017, compared to EGP 2.7 billion in 2016.