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Etisalat Q1 Profit Flat As Foreign Revenue Jumps
Etisalat reported a flat first-quarter net profit on Monday, beating analysts' estimates as the telecom operator's rising international revenue offset declines at home.
April 23, 2012 3:27 by kippreport
Etisalat reported a flat first-quarter net profit on Monday, beating analysts’ estimates as the telecom operator’s rising international revenue offset declines at home.
Etisalat made a profit of 1.81 billion dirhams ($492.79 million) in the three months to March 31, down from 1.82 billion dirhams in the year-earlier period. The former monopoly had reported declining profits in seven of the previous eight quarters.
Quarterly revenue was 8.2 billion dirhams, up two 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 won market share and Internet-based phone calls hit the high-margin international calls business.
(reporting by Matt Smith, editing by Sitaraman Shankar)