Telecom Egypt profit up 8pc to $558m
Cairo, March 9, 2011
Landline monopoly Telecom Egypt reported an 8 percent rise in 2010 net profit to 3.3 billion Egyptian pounds ($558 million).
The figure implied a 20 percent rise in fourth-quarter net profit to 579 million pounds, based on a nine-month profit of 2.73 billion.
A Reuters poll had found a forecast for a fourth-quarter profit of 656 million pounds with estimates in a 405-810 million range. The poll also found a forecast for 2010 net profit of 3.13 billion pounds, with estimates in a 2.52-3.48 billion range.
Telecom Egypt, which will pay a dividend of 1.3 pounds, posted 2010 revenue of 10.3 billion and earnings before interest, taxation, depreciation and amortisation (EBITDA) of 4.9 billion.
It said it had 9.3 million fixed-line subscribers at end-December.
Telecom Egypt owns a 45 percent stake in British operator Vodafone's unit Vodafone Egypt, which added 1.34 billion pounds to its income in 2010.
Telecom Egypt tried to increase its stake in Vodafone Egypt in 2010 without success. - Reuters