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UAE telecom operator du posts 11.3% dip in Q2 net profit

UAE telecom operator du posts 11.3% dip in Q2 net profit

The firm reported declining profits in the preceding six quarters

Du, the United Arab Emirates’ No.2 telecom operator, extended its earnings slump as it reported an 11.3 per cent fall in its second-quarter net profit on Sunday.

The firm, which ended rival Etisalat’s domestic monopoly in 2007, had reported declining profits in the preceding six quarters, according to Reuters data.

Du made a net profit of Dhs 445.4m ($121.3m) in the three months to June 30, down from Dhs 502m in the year-earlier period.

Analysts at EFG Hermes and SICO Bahrain forecast du would make a quarterly profit of Dhs 433.8m and Dhs 487.1m, respectively.

Second-quarter revenue was Dhs 3.07bn, mostly steady versus the Dhs 3.09bn recorded in the corresponding year-ago period.

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