Reuters logo
UPDATE 1-Telecom Egypt posts 360 percent jump in Q3 net profit
November 16, 2015 / 8:04 AM / 2 years ago

UPDATE 1-Telecom Egypt posts 360 percent jump in Q3 net profit

(Adds detail, quote, revenue)

CAIRO, Nov 16 (Reuters) - Telecom Egypt, the country’s state-owned landline monopoly, posted a 360 percent jump in third-quarter net profit, the company said in a statement on Monday, attributing the increase to corporate tax changes.

Telecom Egypt achieved a profit of 1.2 billion Egyptian pounds ($153.3 million) in the three months through September, compared with 262 million in the same period a year earlier.

“We experienced a significant increase in net profit, which was primarily attributable to amendments to the corporate tax law,” the statement said.

“As a result, the company had to reverse a deferred tax liability amounting to 613 million pounds,” it added.

Revenue for the quarter rose 8 percent to 2.9 billion pounds, the company said. ($1 = 7.8300 Egyptian pounds) (Reporting by Asma Alsharif and Ehab Farouk; Editing by Ahmed Aboulenein)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below