Telecom Egypt’s profits declined 13.3% year-on-year in the third quarter to 2.125 billion pounds, under pressure from increased financing costs and expenses.
The decline in profits comes despite the company’s revenues growing 48% in the third quarter to about 20.5 billion pounds.
Mohamed Nasr, the company’s managing director, said in a statement that financing costs have tripled compared to the same period last year due to the change in the pound’s exchange rate and the rise in interest.
