UAE’s Etisalat Q4 profit flat but beats estimates
Etisalat shares closed 0.9 percent higher.
February 10, 2011 2:27 by Reuters
Emirates Telecommunications (Etisalat) , the UAE telco which has bid for a 46 percent stake in Kuwait’s Zain , posted a flat fourth-quarter net profit, beating analyst’s forecasts.
Etisalat’s quarterly net profit was 2.03 billion dirhams ($552.7 million), up slightly from 1.99 billion dirhams a year earlier, according to Reuters calculations.
Reuters calculated the quarterly net profit from Etisalat’s previous financial statements.
Analysts polled by Reuters had estimated the company to report, on average, net profit of 1.74 billion dirhams for the fourth-quarter. The Arab world’s second-largest telecom operator by market value reported a full-year net profit of 7.6 billion dirhams, compared with 8.8 billion dirhams in the year-ago period, it said in a statement.
Etisalat is three-fifths owned by the United Arab Emirates government. Its monopoly in the UAE market as broken by Dubai-based du in 2007.
Etisalat’s shares closed 0.9 percent higher on the Abu Dhabi bourse prior to the results.
(Reporting by Dinesh Nair, Editing by Reed Stevenson)