Du Q3 net profit soars on subscriber growth

UAE telecoms operator Emirates Integrated Telecommunications, which operates under the brand Du, has announced its net profit after royalty for the three months ended 30 September 2010 more than doubled to AED163.1 million (USD44.4 million) compared to AED78.55 million a year earlier. According to Reuters, analysts had expected an average profit of AED136.5 million, and the result beat the highest forecast for AED151 million. Growth in net profit was driven by a strong rise in revenue, which increased 31% year-on-year during the third quarter of 2010 to reach AED1.744 billion, on the back of a jump in fixed line and wireless telephony subscribers. Du said it added 159,800 wireless customers during the three-month period to take its total cellular user base to 4.08 million at 30 September 2010, an increase of 39% year-on-year, while fixed line customers grew 44% over the same period to 515,400. Du’s CEO, Osman Sultan, said the company is aiming for 30% growth in revenue by the end of the year.