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Telecom Egypt net profit down 48% in Q1 of 2018

Telecom Egypt (We) net profit plunged 48% in the first quarter of 2018 to stand at LE 688 million.

The company attributed the drop in revenues to dipping Vodafone Egypt investments in addition to a rise in interest, depreciation, and amortization, according to Telecom Egypt statement.

The net income after taxes (NIAT) after neutralizing Vodafone Egypt investments stood at LE 931 million at a 30% drop in comparison with the corresponding period  last year, the statement said.

The company's consolidated revenues valued LE 4.8 billion in the first quarter of 2018, marking a 15.4% rise in comparison with the same period last year, the statement said.

 

 

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