Telecom Egypt Says Q2 Net Profit Drops 25%

Landline monopoly Telecom Egypt reported a 25 per cent drop in second-quarter net income, pushed lower by weaker revenue and employee demands for higher pay since the country's president was overthrown in a popular uprising. Net income was LE613 million ($100.87 million), down from LE813 million in the second quarter of 2011, the company said in a statement. Revenue fell 7.9 per cent.

Egypt's economy has been hit by political turmoil since Hosni Mubarak was ousted in February 2011. A new president took office in June but the transition has been marred by violence and rows between political groups and the ruling army.