Telecom Egypt Q3 Net Profit Down 61%

Telecom Egypt reported a 61.3 percent drop in third-quarter net profit on Wednesday to 251.9 million Egyptian pounds ($35.23 million) from 650.8 million pounds a year earlier.

The landline monopoly, in which the government owns an 80 percent stake, said revenue totaled 2.72 billion Egyptian pounds, down 5.2 percent from the previous year.