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

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: May 4, 2016
INTERNATIONAL. The climate has rarely been so favourable to a resolution of the conflict. The chaos that is sweeping the Middle East has been a game-changer in relation to Israel and the Arab countries.
date:Posted: May 4, 2016
SAUDI ARABIA. The manager/directors of any company that is incorporated in Saudi Arabia should start to consider what changes may need to be made to the company's articles of association or bylaws.
date:Posted: May 3, 2016
INTERNATIONAL. Emerging and startup digital banking platform technologies key to success of digital initiatives; incumbent application vendors have been slow to respond to new requirements.
SAUDI ARABIA. The manager/directors of any company that is incorporated in Saudi Arabia should start to consider what changes may need to be made to the company's articles of association or bylaws.
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