Cairo – Mubasher: Telecom Egypt’s consolidated profits for the first quarter of 2016 jumped 115.2% year-over-year to EGP1.2 billion from EGP556.1 billion, according to a bourse filing.
Meanwhile, the landline operator’s standalone profits for Q1 reached EGP742.5 million, which is a surge of 191% year-on-year from EGP255.3 million.
During the fourth quarter of 2015, the company registered a net profit of EGP863.2 million, 119.5% higher from EGP393.1 million for 2014.
The Egyptian government controls more than 80% of Telecom Egypt.
By 10:31am Cairo time, Telecom Egypt’s stock was 1.6% up to EGP8.19, recording a turnover of EGP2.5 million.
