Telecom Egypt Posts Fall in Full Year Profits - Plans 4G Network

Telecoms

Telecom Egypt has posted a near 13 percent fall in its full-year profits of EGP2.61 billion (US$386 million) as the country's economy was hurt in the post-Mubarak confusion.

However, the company's CEO, Mohamed Elnawawy said he was optimistic about the prospects for the year ahead.

He also confirmed that the company is hoping to launch an LTE based mobile network next year, once it secures the necessary permits from the telecoms regulator.

The company is due to be granted a reseller license and as a 45% shareholder in Vodafone Egypt, is expected to launch its own MVNO later this year.

There are still discussions about the future of its Vodafone stake - as the company may be blocked from owning stakes in two mobile networks.