Telecom Egypt posts 360% jump in Q3 net profit

Cairo: Telecom Egypt, the country’s state-owned landline monopoly, posted a 360 per cent 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 pounds in the same period a year earlier. Revenue for the quarter rose 8 per cent to 2.9 billion pounds, the company said. “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.