Etisalat Q2 profit drops 15% on rising expenses

18 Jul 2011

The United Arab Emirates’ incumbent telecoms operator Etisalat has announced that its net profit for the three months ended 30 June 2011 totalled AED1.594 billion (USD434 million), representing a 14.9% decrease compared to AED1.872 billion in the year-ago period. In a statement on the Abu Dhabi bourse, the company said operating expenses climbed to AED4.991 billion, from AED4.641 million in the second quarter of 2010. Etisalat generated revenue of AED7.929 billion in Q2 2011, down from AED8.049 billion in the same quarter of 2010. For the first half of 2011 Etisalat made a net profit of AED3.411 billion (compared to AED3.866 billion in 2Q10) and revenue of AED15.969 billion (up slightly from AED15.92 billion). Capital expenditure totalled AED1.923 billion during the first six months of 2011, down from AED2.193 billion in the same period a year earlier. At 30 June 2011 the firm reported a total of 7.5 million mobile subscribers, as well as 1.1 million fixed telephony customers and 1.4 million internet users.

United Arab Emirates, Etisalat UAE