Telecom Egypt set for flat revenues
UPDATE 1: Fixed-line telco monopoly sees 2009 revenue growth flat or down by up to 1%.
Telecom Egypt sees 2009 revenue growth flat or down by up to one percent, the fixed-line monopoly said in a presentation to investors published on its website, Tuesday.
The company also sees itself adding between 100,000 to 200,000 fixed-line subscribers in 2009, according to the presentation.
On Monday, the firm posted full year profit of $431 million, down 76 percent from a year ago.
Investment bank UBS cut its price target on the firm to 13 Egyptian pounds ($2.31) from 14 pounds after the results, saying its fourth quarter numbers suggest a number of difficulties. (Reuters)