Egyptian wireless firm MobiNil Telecom (Egyptian Company for Mobile Services ECMS) has reported a net income of 70.2 million Egyptian Pounds ($15.11 million) in the second quarter of financial year 2002. This marks a 36 percent bottom line drop compared to the EP110 million realized in the corresponding period the previous year, and a 15.8 percent fall from the EP83.4 million earned in the first quarter of the year 2002.
The company recorded EP609.3 million in revenues, a two percent rise over the second quarter 2001 figures. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) grew by nine percent from EP286.7 million in 2Q FY01 to EP312.4 million in 2Q FY02.
Egyptian Company for Mobile Services (ECMS), which operates under the name MobiNil, held an extraordinary general meeting (EGM) this week to approve the distribution of 77 million Egyptian Pounds ($16.57 million) from retained earnings.
The distribution has been approved, with an interim cash dividend of EP0.7 per share, while the remaining seven million EP will be distributed to the company's employees. However, the distribution is still pending approval by creditor banks, to guarantee compliance with loan agreements.
Operating since May 1998, MobiNil is currently the largest wireless service provider in the Middle East. The company’s network covers over 93 percent of Egypt’s populated areas with roaming agreements signed with over 75 international carriers. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
