Mobinil net profits fall 18% in second quarter

11 August 2008
Mobinil, the largest mobile phone operator in Egypt, suffered an 18 per cent drop in net profits to£E425m ($80m) over the three months to the end of June, as the cost of supporting its rapid growth in customer numbers hit its profits.

The company, which is jointly controlled by France Telecom and Egypt's Orascom Telecom, generated revenues of £E2.4bn between April and June this year, up 17 per cent on the £E2.1bn figure for the same period of 2007.

Mobinil had 17.5 million customers at the end of June, up 47 per cent on the same period a year ago.

Although the Egyptian market is continuing to grow quickly, Mobinil's April to June quarter is the third consecutive quarter that has had a lower rate of growth.

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