Telecom Egypt, the country's fixed-line monopoly operator, reported a 36 per cent fall in first-quarter net profit on Tuesday, saying business was hit by the weak economy.
The company, which is 80 per cent owned by the governm
Egypt's landline monopoly Telecom Egypt expects a newly-formed government to grant it a licence to provide mobile services this month or next, the state-controlled company's chief executive said on Wednesday.
Telecom Egypt has sold rights for the use of part of its infrastructure to a subsidiary of Egypt's Orascom Telecom Media and Technology Holding (OTMT), bringing the subsidiary closer to launching a submarine cable network.
Landline monopoly Telecom Egypt is confident the government will grant it a licence to provide mobile services by the end of the year, its chief executive said on Wednesday.
"We see a reason to be confident that such a licenc
Telecom Egypt reported a 12.8 percent fall in full-year net profit, hit by economic turmoil in the north African country and a further decline in its fixed-line business as customers switch to mobile phones.
The company, which is
Egypt will grant Telecom Egypt a license by mid-2013 to provide mobile services and will later let mobile companies offer fixed-lined services using Telecom Egypt's infrastructure, the industry regulator said.
Telecom Egypt reported a 1.7 per cent rise in quarterly net profit, and said while the local business environment was stabilising it was too early to say whether it would pay an interim dividend.
"For the ti
Landline monopoly Telecom Egypt reported on Monday a 1.7 percent rise in net profit for the first quarter of 2012, saying the Egyptian business environment was improving after a turbulent year in 2011.
The company reported consolidat