UAE’s Etisalat Q3 profit falls on higher capital expenditure
Etisalat made a net profit of Dhs2.3bn ($626m) in the three months to September 30
Emirates Telecommunications Group (Etisalat) on Thursday reported a 4.2 per cent drop in third-quarter net profit, hit by increased capital expenditure.
Etisalat made a net profit of Dhs2.3bn ($626m) in the three months to September 30, it said in a bourse filing. That compared with Dhs2.4bn in the same period last year.
Read: UAE’s Etisalat posts 12.3% rise in Q2 profit
SICO Bahrain had forecast that Etisalat would make a quarterly net profit of Dhs2.1bn.
Etisalat, which operates in 16 countries, achieved revenue of Dhs13.2bn in the quarter, against Dhs12.9bn in the corresponding period last year.
Consolidated capital spending rose 6 per cent to Dhs8.5bn.
Etisalat subscriber numbers were up 3.2 per cent year on year at Dhs144m but unchanged from the second quarter.