Vodafone Egypt Revenues Hit EGP 6.25 Bln In 6 Months

Vodafone Egypt achieved EGP 6.25 billion (£ 645 million) throughout 6 months, from March to September 2012. The company, in its financial statements published yesterday, elaborated that the developing markets like Egypt, India and South Africa achieve high rates of profits; their revenue growth volume is 1%, compared to the same period last year in the local market. Vodafone mentioned that the total operating profits of the company in Egypt is EGP 1.5 billion (£ 160 million) throughout the first six months of the company’s fiscal year, which ended last September. It affirmed that the number of mobile subscribers in Vodafone Egypt amounted to 37.5 million ones. Vodafone has written off €5.9 billion of its activities value in Spain and Italy. On Tuesday it lessened its expectations of the whole year after it announced the unexpected retreat of the services revenues’ main indicator. The indicator shrunk by 1.4% in Q2, so it is the first decrease since 2010. This dive came due to slackening of the company’s activity in South Europe. Vodafone is negatively affected by the retreat of phone calls in South Europe, and the low value of the main markets’ currencies, as well the slowness of growth in emerging markets like India and South Africa.