Cairo – Mubasher: The consolidated financial statements of Telecom Egypt showed EGP 2.061 billion during the first half (H1) of 2020, down by 3% year-on-year (YoY) from EGP 2.127 billion, including minority shareholders’ rights.

The state-run telecom operator’s revenues increased by 18% to EGP 14.945 billion during the six-month period ended on 30 June, compared to EGP 12.695 billion in the year-ago period, according to a bourse disclosure on Thursday.

The decline in net profits was attributed to the foreign exchange loss of EGP 549 million in the second quarter (Q2) and a 26% increase in net interest expense, “which was offset by the solid operational performance. 

As for standalone business, Telecom Egypt reported net profits of EGP 987.277 million in H1-20, down from EGP 5.038 billion in H1-19.

During the first three months of 2020, the company’s net profits declined by 19% YoY, logging EGP 1.313 billion, compared to EGP 1.616 billion in the year-ago period.