United Arab Emirates-based telecoms company Emirates Telecommunications Corporation (Etisalat) has announced its fiscal results for the three months ended 31 March 2009, reporting a 13% increase in revenues year-on-year to DH7.119 billion (USD1.94 billion). The company posted a slight rise of 4% in net profit for Q1 2009 to DH2.178 billion, compared to DH2.096 billion in the same period a year earlier. Etisalat’s wireless subscriber base reached 7.341 million in the first quarter of 2009, while fixed line customers were recorded at 1.349 million. The group posted a total of 1.202 million internet subscribers at the same date.
Mohammad Omran, chairman of Etisalat, commented: ‘Etisalat continues to achieve growth in both revenues and profits, despite the many economic challenges which the world is facing. We are now looking for new investment opportunities. We are continuing to study many different markets for the best opportunities that will add to Etisalat’s reputation and support our ambition to become one of the largest ten operators in the world.’ He added that the company is interested in bidding for licences in Syria and Lebanon and will commence commercial operations in India in the second half of the year, having bought a 45% stake in new Indian operator Swan Telecom for around USD900 million last year.