Cairo – Mubasher: Telecom Egypt posted a 4% year-on-year growth in consolidated profits for the second quarter of 2018, recording EGP 1.28 billion, compared with EGP 1.23 billion for the same period last year.

In the first half of 2018, the state-owned landline monopoly’s net profit fell 18.2% to EGP 2.06 billion, from EGP 2.52 billion in H1-17, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.

Revenues increased to EGP 10.12 billion in the six-month period ended June, compared to EGP 8.73 billion in the year-ago period.

Meanwhile, standalone profits rose to EGP 1.42 billion in H1-18, versus EGP 1.39 billion in the corresponding period of 2017.

The EGX-listed company previously reported a 48% year-on-year drop in consolidated profits for Q1-18, generating EGP 689.6 million in net profit from EGP 1.3 billion, including minority shareholders’ rights.