Exceptionnal jump in Q3 net profit
TE posted a poor 9M 2015 top line performance. Revenues were down by 4.7% to EGP8.719bn, due to the crash in the Wholesale Business Unit, partially offset by a healthy increase in retail services. Overall, wholesale services revenues (whose sales contribution reached 54.5%) recorded a significant decrease by 12.3%, negatively impacted by a severe 64.8% drop in revenues from the International Customers & Networks Unit. This decline was attributable to the Business Unit, having reported an exceptional Q2 2014, resulting from the conclusion of two major non-recurring transactions with the SMW-5 cable system and AAE1 cable system, respectively.
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