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CAIRO, March 13 Telecom Egypt reported
an 11 percent decline in 2016 net profit, the state-owned
landline monopoly said on Monday.
The company made a net profit of 2.672 billion Egyptian
pounds ($151.4 million) in 2016 compared with 2.999 billion
pounds a year earlier. Revenue in 2016 rose to 14.133 billion
pounds from 12.184 billion a year earlier.
The firm reported a loss of 513 million pounds in the fourth
quarter, down from a profit of 862 million pounds in the same
period a year earlier.
The seasonal losses and decline in yearly net profit is a
result of non-recurring items, a Telecom Egypt official told
Reuters, adding that he expects the firm to return to profit in
the first quarter of 2017.
Telecom Egypt's board recommended a dividend of 1 pound per
share for 2016, higher than last year's 0.75 pound per share.
In August the company said it acquired the country's first
4G mobile license at a cost of 7.08 billion pounds, paving the
way for it to become the fourth mobile provider in Egypt.
($1 = 17.6500 Egyptian pounds)
(Reporting by Ehab Farouk; Writing by Asma Alsharif; Editing by
Gopakumar Warrier and Louise Heavens)