Etisalat first quarter profit flat as foreign revenue jumps
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Tue April 24, 2012 12:22 am
china wholesale market

UAE. United Arab Emirates' Etisalat on Monday reported a flat first-quarter net profit, beating analysts' estimates as the telecoms operator's rising international revenue offset declines at home.

Etisalat, which operates in 17 countries across the Middle East, Africa and Asia, made a profit of 1.81 billion dirhams (US$492.79 million)in the three months to March 31, down from 1.82 billion dirhams in the year-earlier period.

Analysts polled by Reuters on average forecast Etisalat would make a quarterly profit of 1.7 billion dirhams.

The former monopoly had reported declining profits in seven of the previous eight quarters.

Quarterly revenue was 8.2 billion dirhams, up 2 percent from the corresponding period of 2011. About three-quarters of revenue in the three months to March 31 came from Etisalat's home operations.

Domestic revenue fell 2.6 percent to 6.09 billion dirhams, but international revenue rose 21 percent to 1.88 billion dirhams.

The state-controlled firm's profits have slid as rival operator du, which ended Etisalat's domestic monopoly in 2007, won market share and Internet-based phone calls hit the high-margin international calls business.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: January 28, 2015
UAE. Following two years of 25% annual growth, average prime residential prices have remained flat for the first time since Q1 2013.
date:Posted: January 27, 2015
UAE. Deloitte's 18th annual Global Powers of Retailing report explores innovative trends in the sector; US$4.4 trillion in fiscal year 2013 revenues of top 250 global retailers.
date:Posted: January 27, 2015
UAE. Alpen Capital study forecasts promising growth for retail sector across GCC; retail structure undergoing significant transformation, driven by the social and economic developments; the outlook for Qatar is most optimistic.
UAE. Alpen Capital study forecasts promising growth for retail sector across GCC; retail structure undergoing significant transformation, driven by the social and economic developments; the outlook for Qatar is most optimistic.
dhgate