By Bloomberg

Telecom Egypt Co., the Arab country’s monopoly fixed-line phone company, said second-quarter profit dropped 25 percent from a year earlier as it didn’t deliver any submarine cable projects.

Net income fell to 613 million pounds ($101 million) from 813 million pounds in the same period last year, the company said in a statement distributed by the Regulatory News Service. That missed the 786 million-pound average of four analyst estimates compiled by Bloomberg.

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