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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)

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