Update: Telecom Egypt, GB Auto and Egypt’s Talaat Moustafa Q1 profit climbs

Talaat Moustafa Group, an Egyptian real estate company, reported a 2.5 percent rise in its net profit in the first quarter of 2012 compared to the same period last year.

The company reported profit of LE173.7 million (US$28.78 million) in the period until 31 March, in comparison with a profit of LE169.4 million a year ago, it said in a statement.

Landline monopoly Telecom Egypt reported on Monday a 1.7 percent rise in net profit for the first quarter of 2012, saying the Egyptian business environment was improving after a turbulent year in 2011.

The company reported consolidated net income of LE912 million (US$151 million) in the first three months of the year, compared to LE897 million a year earlier.

"Following a turbulent year in 2011, the Egyptian business environment is showing signs of normalizing. This is reflected in our revenue performance year on year and quarter on quarter," Chief Executive Officer and Managing Director Tarek Aboualam said in a statement.

Telecom Egypt owns a 45 percent stake in British operator Vodafone's local unit. It said Vodafone Egypt made a positive contribution to the share of profits of LE192 million.

Telecom Egypt shares closed at LE13 on Sunday.

Also, Egyptian vehicle distributor GB Auto reported on Monday a 61 percent rise in its first-quarter net profit.

The company said its net profit for the first quarter of 2011 was LE18.58 million (US$3.08 million), compared to LE11.53 million in the same period a year earlier.

Egypt's economy has been battered by political turmoil since Hosni Mubarak was ousted from office in February 2011. Since then, a transition to democracy has been marred by violence and rows between political groups and the ruling army.

Consolidated revenues rose 12 percent, or LE2.68 billion. Earnings before interest, tax, depreciation and amortization (EBITDA) were LE1.39 billion, delivering a margin of 52 percent, the company said.

Earnings per share for the period were LE0.53.

Related Articles

Back to top button