Etisalat 2Q10 net profit dips 21%

19 Jul 2010

UAE-based telecoms operator Etisalat has announced its financial results for the six months ended 30 June 2010, reporting 2% year-on-year growth in revenue to AED16.0 billion (USD4.35 billion), up from AED15.7 billion in the same period in 2009. Net profit for the six-month period totalled AED3.9 billion, compared to AED4.6 billion in 1H09. Meanwhile, revenue generated in the second quarter of 2010 was unchanged year-on-year at AED8.1 billion, while net profit in the three-month period slipped 21% to AED1.9 billion, down from AED2.4 billion in 2Q09, due to increasing competition from the company’s sole rival in the UAE telecoms market, Du. At 30 June 2010 Etisalat recorded 7.8 million mobile subscribers in the UAE – an increase of 90,000 on the previous quarter – as well as 1.28 million domestic fixed line and 1.39 million internet customers. ‘Etisalat has followed a powerful strategy to offset the potential impact of today’s global economic conditions which continue to affect the results of companies around the world,’ commented Mohammad Omran, chairman of Etisalat, adding: ‘We have seized opportunities to stand strong and have faced all the challenges and continue to achieve exceptional results.’

United Arab Emirates, Etisalat UAE