ICEC

Telecom Egypt expects flat revenue in 2012

(Reuters) – Landline monopoly Telecom Egypt expects its revenues to be little changed in 2012 and aims to maintain profitability at a level similar to last year as it continues a cost-cutting programme, its finance chief said.

The company earlier reported a 6.8 percent decline in net profit and a 3.2 percent drop in revenue last year when Egypt’s economy was thrown into turmoil by a popular uprising.

“We are still optimistic on 2012,” CFO Hassan Helmy told Reuters. “We expect flat revenue and to still maintain our EBITDA margin within the mid-40s range and for capital expenditure we will be spending 1-1.2 billion Egyptian pounds.”

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