Browse
related articles
Telecom Egypt blames weak revenue on staff pay demands
- Egypt: Thursday, August 09 - 2012 at 11:41
Landline monopoly Telecom Egypt has blamed weaker revenue and employees' demands for higher pay for the 25% decline in second-quarter net income, Reuters has reported. Telecom Egypt said net income fell to EGP613m ($101m) from EGP813m in the second quarter of 2011. Revenue also fell 7.9% to EGP2.4bn. "Revenues are lower this quarter, primarily driven by the timing of international cable projects revenue recognition, and our cost base has been affected by a restructuring and annual increase of salary arrangements," said the company's CEO and managing director, Tarek Aboualam.
Related Content
Article Options
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
