Egyptian Co. for Mobile Services (MobiNil) has said it has posted a 29% fall in second-quarter net income because of increased competition, Bloomberg has reported. Earnings after taxes and minority interests stood at EGP381m ($66.8m), compared with EGP536m a year earlier. "During the first half of 2010, Mobinil faced a massive intensification of the regulatory and competitive pressures," CEO Hassan Kabbani said in a statement. "We still expect those adverse conditions to continue in the foreseeable future."