Telecom Egypt: 14% Surge in Q2 Profit

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Egyptian fixed-line monopoly Telecom Egypt reported 1.02 billion Egyptian pounds in net profit in the second quarter, up 14% from 895.6 million pounds in the same period a year earlier.

It gave no reason for the increase. Telecom Egypt (ETEL.CA) is waiting for the government to approve a unified license for mobile and landline services that would allow the company to offer mobile services and significantly boost its earnings.

Source: Reuters