Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Telecom Egypt Third-Quarter Net Income Drops 7.3%

Telecom Egypt, the country’s monopoly fixed-line phone-service provider, said third-quarter profit fell 7.3 percent on lower income from associate companies.

Net income attributable to equity holders decreased to 766.1 million Egyptian pounds ($133.3 million), from 826.4 million pounds in the year-earlier period, the Cairo-based company said in a Regulatory News Service statement today. Revenue rose 1.7 percent to 2.58 billion pounds. Earnings per share declined to 45 piasters from 48 piasters. Profit from associate companies fell 25 percent to 291.1 million pounds.

“The drop in net profit in the third quarter relates to non-operational items,” Chief Executive Officer Tarek Tantawy, said in a telephone interview. “We are on track however on delivering our full-year guidance on growth and margins.”

Telecom Egypt is seeking to increase its investment in the mobile-phone market and is exploring a number of options, he said. Vodafone Group Plc, the world’s largest mobile-phone company, said on June 1 it won’t sell its 55 percent stake in its Egyptian unit to Telecom Egypt.

Beltone Financial, a Cairo-based investment bank, said Telecom Egypt’s third-quarter revenue came in line with its expectations and reiterated its “buy” recommendation with a target price of 22.63 Egyptian pounds.

Telecom Egypt shares fell 0.5 percent to 17.38 pounds at the 2:30 p.m. stock market close, valuing the company at 29.7 billion pounds.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.