Landline monopoly Telecom Egypt has clocked 16% growth in consolidated net profit at 789 million Egyptian pounds during second quarter.

According to the firm, its net profit margin stood at 29.5% on total consolidated revenue of 2.68 billion pounds.

The firm said it had 9.8 million fixed-line subscribers by end-June, a reduction of 1.88 million on a year earlier.

Company's average revenue per user (ARPU) jumped to 59.6 pounds per month versus 50.5 pounds in the second quarter of fiscal 2008.

Telecom Egypt is holding 45% stake in Vodafone's unit Vodafone Egypt. That stake added profit of 706 million pounds to the landline firm's bottom line in the second quarter.

The company has informed that its income from Vodafone Egypt has witnessed a dip of 4% on a year earlier.

In a separate release, Telecom Egypt has informed that Vodafone Egypt added 1.43 million subscribers in the three month period to total 20.4 million as of end-June.

According to sources, Telecom Egypt had a robust strong balance sheet and continued to seek acquisitions in the region but that no targets were currently being eyed.

The sources further informed that the firm is bidding to acquire regional operator Orascom Telecom's internet arm LinkDotNet.

Egypt's telecom regulator had sanctioned the bid and was not expected to block any possible future purchase.

As per reports in media, purchasing LinkDotNet would further solidify Telecom Egypt's dominance of the internet market in Egypt, presently 60% of market share.