Telecom Egypt (TE) recorded a 25.3% decline in profits during the first nine months of 2014 compared to the same period last year.
The decline came despite an increase in the company’s revenues during the first three quarters of 2014, compared to the same period during 2013.
TE’s revenue amounted to EGP 9.1bn during the first nine months of 2014, compared to EGP8.3bn for the same period last year, according to a company statement. The company also stated that it achieved a net profit of EGP1.8bn during that time period, compared to EGP2.4bn from the same period last year, representing a decline of 25.3%.
Telecom Egypt’s profits during the 3rd quarter of 2014 amounted to EGP251m, compared to EGP650m during the same period last year, forming a 61.4% drop.
Company revenues from ADSL services totalled EGP 1.4bn during the first nine months of 2014, while the number of TE Data internet services customers expanded by 1.93 million by the end of September, according to Telecom Egypt.
TE Data achieved revenues of EGP 1.43bn and gained a 65% share of the local market by end of September 2014. High-speed internet services represent approximately 15% of total revenues for Telecom Egypt.