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MENAFN - 12/11/2012

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(MENAFN) Landline monopoly Telecom Egypt has posted a 3 percent increase in quarterly profit, and said it is in advanced talks with the government over a fourth mobile services license, Reuters reported.

The company, which owns Vodafone Egypt, said it made USD104 million in the third quarter, up from USD98.61 million a year earlier.

The company also reported a 6 percent increase in quarterly revenue to USD397.63 million from a year ago.

The company is in advanced talks with the government on a deal allowing it to offer mobile services in addition to its traditional mainstay fixed-line business, where revenue is under pressure.

CEO Mohamed El-Nawawy said that any agreement on a universal licence for Telecom Egypt would mean changing the licences of Egypt's three mobile operators, Vodafone Egypt, Mobinil, controlled by France Telecom, and Dubai's Etisalat, to allow them to enter the same businesses.

Nawawy added the company could look to set up its own independent network in future.

 






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