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Telecom Egypt 2014 net profit drops 31.4pc

CAIRO, March 10, 2015

Fixed-line monopoly Telecom Egypt on Tuesday reported a 31.4 per cent slump in profits for 2014, citing several one-off and operational costs related to license fee payments and tax liabilities.

It said net profit for the year fell to EGP2.03 billion ($266 million) from EGP2.96 billion in 2013.

The firm, in which the government owns an 80 per cent stake, had operating revenues of EGP12.16 billion in 2014, up from 11.14 billion the previous year.

A delayed settlement in licence fees paid to the regulator, an increase in deferred taxes on liabilities and a larger salary bill all weighed on net profit.

Telecom Egypt said licence fees hit it to the tune of EGP201 million, deferred tax liabilities roseEGP308 million and the salary bill went up by EGP280 million.

Telecom Egypt has said it expects to receive a unified licence for mobile and landlines to open the way to offer mobile services in competition with Egypt's three existing providers:Vodafone Egypt, Etisalat and Mobinil .

But the licence, approved by the government last year, has not yet been activated. – Reuters




Tags: profits | Egypt telecom | landline |

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