Etisalat profit jumps on back of stake sale

Etisalat has posted net income of AED3 billion (USD817 million) for the second quarter of 2008, up 58% year-on-year and ahead of most analyst forecasts. The results were boosted from the sale of part of its stake in Etihad Etisalat (Mobily) in April. Etisalat reduced its shareholding in Saudi Arabia’s second mobile phone operator to 26.25% from 35%, generating a one-off gain of AED1.8 billion. Revenues grew 21.5% to AED6.4 billion.