Tele­com Egypt posts 360% jump in Q3 net profit

Kuwait Times - - BUSINESS -

CAIRO: Tele­com Egypt, the coun­try’s state-owned land­line monopoly, posted a 360 per­cent jump in third-quar­ter net profit, the com­pany said in a state­ment yes­ter­day, at­tribut­ing the in­crease to cor­po­rate tax changes. Tele­com Egypt achieved a profit of 1.2 bil­lion Egyp­tian pounds ($153.3 mil­lion) in the three months through Septem­ber, com­pared with 262 mil­lion in the same pe­riod a year ear­lier. “We ex­pe­ri­enced a sig­nif­i­cant in­crease in net profit, which was pri­mar­ily at­trib­ut­able to amend­ments to the cor­po­rate tax law,” the state­ment said. “As a re­sult, the com­pany had to re­verse a de­ferred tax li­a­bil­ity amount­ing to 613 mil­lion pounds,” it added.

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