Etisalat reports 16% hike in profits for H1

The United Arab Emirates’ state-owned telecoms operator Etisalat has reported a 16% year-on-year rise in net profits to AED1.71 billion (USD465 million) for the first six months of 2004, on revenues of AED4.995 billion (+12%). The strong performance follows a 17% improvement in profits in 2004 to AED2.46 billion, and a 15% surge in revenues to AED9.23 billion. At the end of June 2004 the telco reported 1.163 million fixed lines, 3.308 million mobile subscribers and 332,000 internet subscribers. According to official statistics, fixed line and mobile penetration in the UAE stands at 30% and 93% respectively.