CAIRO, Aug 12 (Reuters) - Landline monopoly Telecom Egypt posted a first-half net profit of 1.72 billion Egyptian pounds ($310 million), compared with 1.902 billion pounds a year earlier, the company said in a paid announcement in the early Thursday edition of the Al-Ahram newspaper.
The figure equates to a second-quarter profit of 761.6 million pounds according to a Reuters calculation, versus 681.2 million pounds in the second quarter of 2008. The company made 960.5 million pounds in the first quarter of 2009.
Forecasts by five analysts for the three-month period ranged from a profit of 703 million to 853 million pounds. The average forecast was 772.7 million pounds.
Consolidated revenue was 2,677 million pounds in the quarter, higher than all forecasts.
'On a quarterly basis, we expect revenues to be flat at 2,526 million pounds,' CI Capital Research wrote ahead of the results. It added that the landline firm's promotions in rural areas was expected to help bring in 126,000 net additions despite pressure from wireless operators.
The number of new customers was not immediately available.
By comparison, the three mobile operators in Egypt gain a combined average of around 1 million new customers every month.
Telecom Egypt benefits from the fees mobile operators pay to use its infrastructure and via its 45 percent stake in Vodafone Egypt.
The firm said its first-half earnings per share was 1.01 pounds, compared with 1.11 pounds in the same period last year.
(Writing by Alastair Sharp; Editing by Robert MacMillan and Richard Chang) ($1 = 5.5497 Egyptian pounds) Keywords: TELECOMEGYPT/RESULTS (alastair.sharp@reuters.com; Cairo newsroom +20 2 2578 3290) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The figure equates to a second-quarter profit of 761.6 million pounds according to a Reuters calculation, versus 681.2 million pounds in the second quarter of 2008. The company made 960.5 million pounds in the first quarter of 2009.
Forecasts by five analysts for the three-month period ranged from a profit of 703 million to 853 million pounds. The average forecast was 772.7 million pounds.
Consolidated revenue was 2,677 million pounds in the quarter, higher than all forecasts.
'On a quarterly basis, we expect revenues to be flat at 2,526 million pounds,' CI Capital Research wrote ahead of the results. It added that the landline firm's promotions in rural areas was expected to help bring in 126,000 net additions despite pressure from wireless operators.
The number of new customers was not immediately available.
By comparison, the three mobile operators in Egypt gain a combined average of around 1 million new customers every month.
Telecom Egypt benefits from the fees mobile operators pay to use its infrastructure and via its 45 percent stake in Vodafone Egypt.
The firm said its first-half earnings per share was 1.01 pounds, compared with 1.11 pounds in the same period last year.
(Writing by Alastair Sharp; Editing by Robert MacMillan and Richard Chang) ($1 = 5.5497 Egyptian pounds) Keywords: TELECOMEGYPT/RESULTS (alastair.sharp@reuters.com; Cairo newsroom +20 2 2578 3290) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.