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Telecom Egypt to Expand Broadband, Mobile Services – Bloomberg

Posted on: November 15, 2011


Telecom Egypt (ETEL) Co., the Arab country’s fixed-line telephone monopoly, plans to expand broadband and mobile-phone services after third-quarter profit dropped on dwindling subscribers.

The company will start operating a new undersea cable by the end of this year to increase capacity for data services and is negotiating to acquire a virtual mobile-network operator license in the first quarter of 2012, Chief Financial Officer Hassan Helmy said in a telephone interview today.

Telecom Egypt is also in talks with the country’s telecommunications regulator to acquire a license that would allow it to use the networks of other mobile-phone companies to provide services, he said. The company owns 45 percent of Vodafone Egypt Telecommunications Co., the biggest mobile- network operator by users in the North African nation.

“In the medium and long-term, the dynamics of the local market are very attractive,” Helmy said. “We’re counting on the young population of this country.”

Net income dropped 21 percent to 622.3 million Egyptian pounds ($104 million) from a year earlier, the Cairo-based company said in a statement on its website today. Fixed-line subscribers reached 8.6 million as of Sept. 30, according to the statement. The company said in September last year it had 9.4 million subscribers.

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