Vodafone says Egypt service revenue grows 7.3% in Q3

UK-based telecom giant Vodafone Group Plc. (VOD.L, VOD) announced Thursday its service revenue in Egypt grew 7.3 percent in the third quarter ended on December 31, 2015.

Vodafone said the growth was driven by continued strong growth in data and voice usage.

Vodafone customers in Egypt reached around 38.3 million, with 24 million customers added in the third quarter, the UK telecom operator added in its third-quarter financial results released Thursday.

“For the quarter ended 31 March 2015 and consequently the year ended 31 March 2015, the Group’s organic service revenue growth rate was adjusted to exclude the beneficial impact of a settlement of an historical interconnect rate dispute in the UK and the beneficial impact of an upward revision to interconnect revenue in Egypt from a re-estimation by management of the appropriate historical mobile interconnection rate.”

“The adjustments in relation to Vodafone UK and Vodafone Egypt also impacted the disclosed organic growth rates for those countries. In addition, the Group’s organic service revenue growth rates for the year ended 31 March 2015 and the quarter ended 31 December 2015 have been amended to exclude the adverse impact of an adjustment to intercompany revenue.”

Meanwhile, Vodafone Group Plc. said its group revenue for the third quarter declined 5.5 percent on a reported basis to £10.28 billion (US$15 billion). Service revenue in Europe hit £6 billion (US$8.7 billion); while the Vodafone’s Africa, Middle East and Asia Pacific (AMAP) region recorded £2.9 billion (US$4.2 billion).