UAE Telco Etisalat Q1 Profit Rises 7.6%

Abu Dhabi-listed Etisalat reported a 7.6 percent rise in first-quarter profit on Sunday.

Etisalat, which operates in 19 countries across the Middle East, Africa and Asia, made a net profit of 2.18 billion dirhams ($593.6 million) in the three months to March 31.

This compares with a profit of 2.02 billion dirhams in the year-earlier period.

Two analysts polled by Reuters forecast Etisalat, the Gulf’s No.2 telecom operator by market value, would make a quarterly profit between 2.16 billion dirhams and 2.47 billion dirhams.

The former monopoly’s quarterly revenue was 12.91 billion dirhams, up from 9.9 billion dirhams a year earlier.

Source: Reuters