Telecom Egypt net profit drops 15 percent

Landline monopoly Telecom Egypt posted 15 percent drop in second-quarter results on Monday, the company said in a statement.

The company made a net profit of 826 million Egyptian pounds, down from 971 million pounds in the same period a year earlier.

Revenues dropped 3.7 percent to 2.61 billion pounds from 2.71 billion pounds at the same period last year. But revenues grew 8.5 percent from Q1. Earnings before interest, tax, depreciation and amortisation were 1.25 billion pounds, down from 1.4 billion.