UAE’s Etisalat Q3 net profit falls 8.6%

The telecom operator made a net profit of Dhs 1.95bn in the three months to September 30



Abu Dhabi-listed Etisalat reported a 8.6 per cent fall in third-quarter net profit on Wednesday as revenue from its international operations fell and expenses rose.

Etisalat, which directly and indirectly operates in 19 countries across the Middle East, Africa and Asia, made a net profit of Dhs 1.95bn ($530.92m) in the three months to September 30, the company said in a statement. This compares with a profit of Dhs 2.13bn a year earlier.

Three analysts polled by Reuters had forecast the former monopoly would post a quarterly profit of Dhs 1.93bn.

Etisalat generated quarterly revenue of Dhs 12.99bn, down from Dhs 13.12bn a year earlier.

Domestic revenue rose 6 per cent to Dhs 7.2bn, while international revenue fell 9 per cent to Dhs 5.7bn. Operating expenses climbed to Dhs 8.34bn in the third quarter from Dhs 7.91bn last year.

Etisalat had 170 million subscribers as of Sept. 30, down 6 per cent from a year earlier.