Telecom Egypt blames weak revenue on staff pay demands
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Telecom Egypt blames weak revenue on staff pay demands

Telecom Egypt blames weak revenue on staff pay demands

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.

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