The recent political unrest in Egypt, which led to the ousting of former President Hosni Mubarak, cost the state-run landline telecommunications company around 17 million Egyptian pounds, or nearly $3 million.
A statement from Telecom Egypt said that the overall cost of damages was around 0.12 percent of its overall fixed assets.
The company, however, said that its financing position has had no impact as a result of the revolution.
Hussam Tarek, a securities analyst in Cairo, said that the effects of the revolution “will be short-lived in terms of losses because now, as Egypt and Egyptians are looking to the future, they want to tell their friends and families, so we are not too worried.”
The telecom company said that once it managed to complete its full report on the damages, it would release information on the damages to the public.
“I believe, and many of us do, that TE will return to normal. They have a monopoly on the landline market, so let’s not get too worried or bothered,” added Tarek.
Landlines throughout Egypt continued to function throughout the 18 days of protests that ended on February 11.
By Staff
