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UPDATE 1-Telecom Egypt 2016 net profit falls
March 13, 2017 / 7:56 AM / 9 months ago

UPDATE 1-Telecom Egypt 2016 net profit falls

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CAIRO, March 13 (Reuters) - Telecom Egypt reported an 11 percent decline in 2016 net profit, the state-owned landline monopoly said on Monday.

The company made a net profit of 2.672 billion Egyptian pounds ($151.4 million) in 2016 compared with 2.999 billion pounds a year earlier. Revenue in 2016 rose to 14.133 billion pounds from 12.184 billion a year earlier.

The firm reported a loss of 513 million pounds in the fourth quarter, down from a profit of 862 million pounds in the same period a year earlier.

The seasonal losses and decline in yearly net profit is a result of non-recurring items, a Telecom Egypt official told Reuters, adding that he expects the firm to return to profit in the first quarter of 2017.

Telecom Egypt’s board recommended a dividend of 1 pound per share for 2016, higher than last year’s 0.75 pound per share.

In August the company said it acquired the country’s first 4G mobile license at a cost of 7.08 billion pounds, paving the way for it to become the fourth mobile provider in Egypt. ($1 = 17.6500 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Asma Alsharif; Editing by Gopakumar Warrier and Louise Heavens)

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