CAIRO: Landline monopoly Telecom Egypt reported an 8 percent rise in 2010 net profit to LE 3.3 billion ($558 million).
The figure implied a 20 percent rise in fourth-quarter net profit to LE 579 million, based on a nine-month profit of LE 2.73 billion.
A Reuters poll had found a forecast for a fourth-quarter profit of LE 656 million with estimates in a LE 405-810 million range. The poll also found a forecast for 2010 net profit of LE 3.13 billion, with estimates in a LE 2.52-3.48 billion range.
Telecom Egypt, which will pay a dividend of LE 1.3, posted 2010 revenue of LE 10.3 billion and earnings before interest, taxation, depreciation and amortization (EBITDA) of LE 4.9 billion.
It said it had 9.3 million fixed-line subscribers at end-December.
Telecom Egypt owns a 45 percent stake in British operator Vodafone’s unit Vodafone Egypt, which added LE 1.34 billion to its income in 2010.
Telecom Egypt tried to increase its stake in Vodafone Egypt in 2010 without success.
