Now Reading
UAE’s Etisalat Q3 profit falls on higher capital expenditure

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.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top