Cairo – Mubasher: Telecom Egypt’s consolidated results revealed a 27.7% profit decrease in the third quarter of 2016, a Thursday’s bourse filing revealed.

The telecom company registered EGP 869.5 million during the three months ended on 30 September, compared with EGP 1.2 billion profits for the prior-year period.

Over the first nine months of 2016, the company earned EGP 3.18 billion, higher 49.3% year-over-year from EGP 2.13 billion, the consolidated results showed.

Meanwhile, the standalone results indicated that net profits surged 649.9% year-on-year To EGP 3.2 billion from EGP 429.6 million.

In the second quarter, net profits rose 192.6% to EGP 1.1 billion, the company earlier announced.