Cairo - Mubasher: Telecom Egypt’s (TE) on Tuesday reported a 16% year-on-year increase in its consolidated profits in the third quarter of 2017 due to revenue growth.
TE’s profits reached EGP 1.008 billion in Q3-17, compared to EGP 867.3 in the same period last year, according to a bourse filing.
The profit pick-up came on the back of higher revenues, which increased to EGP 4.4 billion in Q3-17 from EGP 3.2 billion in Q3-16.
For the first nine months of 2017, the telecom operator’s profits levelled up reaching EGP 3.54 billion, versus EGP 3.18 in the prior year period.
As for standalone results, TE’s profits nearly halved to EGP 1.7 billion in the first three quarters from EGP 3.2 billion in 2016.
TE had previously said its profits in Q2-17 went up reaching EGP 1.26 billion, compared to EGP 1.03 billion in the same period 2016, while results for the first half showed a profit increase to EGP 2.6 billion from EGP 2.3 billion in H1-16.
TE’s standalone profits decreased to EGP 1.4 in H1-17, compared to EGP 2.8 billion in the corresponding period of 2016.
