Vodafone Egypt Attains EGP3.25bln Profits at March-End

By Salma Ayman On May 21, 2014

Vodafone Egypt attained EGP3.25billion operating profits (£271billion) within the fiscal year of April2013 and until March2014.

Vodafone’s revenues reached up around EGP13.9billion (£1.16billion) during the current fiscal year.

The numbers of Vodafone’s subscribers reached about EGP42million, seizing 42% from mobile phone market, ranked first as the most operator which captured numbers of subscribers.

Telecom Egypt (ETAL-CA)(TE) captures 45% of Vodafone’s shares.

Britain’s Vodafone said core earnings would fall in 2015 due to the investment needed in the business as it recorded impairments of 6.6 billion pounds ($11 billion) due to fierce competition and regulatory changes in Europe.

The world’s second-largest mobile operator has reported record falls in underlying revenue in the last 18 months, as a result of numerous European rivals, regulator-imposed price cuts and European consumers reducing the number of calls they made during the recession.

On Tuesday it wrote down the value of its assets in Germany, Spain, Portugal, Czech Republic and Romania by 6.6 billion pounds and said core earnings in 2015 would fall due to vital spending on its network to boost speed and coverage.

After selling its U.S. business in a $130 billion deal, Vodafone plans to invest around 19 billion pounds over the next two years, which includes the money assigned as part of its investment program called Project Spring.