Telecom Egypt says 2011 net declines 6.8 pct

Landline monopoly Telecom Egypt said on Thursday its 2011 net profit fell 6.8 percent year on year to 2.93 billion Egyptian pounds.

The company made a net profit of 3.14 billion pounds in 2010.

Revenue dipped 3.2 percent to 9.9 billion pounds. Earnings before interest, tax, depreciation and amortisation were 4.55 billion pounds, down 2.4 percent from a year earlier, the company said in a statement.