Telecom Egypt profits down 16.7 percent in 2014

Telecom Egypt posted LE1.5 billion in the first half of 2014, down 16.7 percent from 1.8 billion pounds in the same period a year earlier, the company said in a statement on Wednesday.
The company, however, said that it posted LE1.02 billion in net profit in the second quarter, up 14 percent from 895.6 million pounds in the same period a year earlier.
Telecom Egypt, the country's land-line monopoly, has an estimated 6.8 million subscribers, it also owns 44 percent of Vodafone Egypt.

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