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UAE’s Etisalat Q3 Profit Near-Flat
Q3 profit 1.71 bln dirhams vs 1.74 bln dirhams a year ago; Q3 revenue 8 bln dirhams; Costs up 22 pct from Q3 2010
October 18, 2011 10:52 by Reuters
UAE telecoms operator Etisalat reported a 1 percent fall in third-quarter profit as operating costs rose faster than revenues.
The Gulf’s largest telecoms carrier by market value made a profit of 1.72 billion dirhams ($468 million), compared with a profit of 1.74 billion dirhams in the same period a year ago.
Analysts polled by Reuters on average expected the firm to post a quarterly profit of 1.71 billion dirhams.
Etisalat, which unveiled its long-term evolution (LTE) high-speed network in September, said revenues increased by 8.6 percent to 8.04 billion dirhams in the quarter, up from 7.4 billion dirhams a year earlier. Yet operating expenses rose 22.3 percent over the same period.
The 18-country operator’s shares ended Monday at a 13-month low of 9.99 dirhams. (Reporting by Matt Smith, Editing by Dinesh Nair)