TE revenues from TE Data fall in 1Q2017

TE Data’s contribution to Telecom Egypt’s earnings plunged 98.6% year-on-year in 1Q2017 to EGP 1.38 mn from EGP 98.45 mn last year, according to a Central Accounting Agency report picked up by Al Mal. The drop comes mainly on the back of a 86% y-o-y decrease in TE Data’s net profit. This comes after we noted earlier this month that TE Data lost about 3,000 subscribers in 1Q2017, who switched over to internet provided by MNOs Orange, Vodafone, and Etisalat Egypt. Despite that, TE Data still retains its near-monopoly with a 75.3% share of the ADSL market.