Monday , 24 September 2018

UAE’s Etisalat Q2 profit up on lower capital expenditure, more subscribers

Etisalat made a net profit of AED2.2bln ($599million) in the three months to June 30

By Alexander Cornwell, Reuters News

DUBAI- Emirates Telecommunications Group, also known as Etisalat, reported on Tuesday a 12.3 percent rise in second-quarter net profit as it cut capital expenditure and added more subscribers.

Etisalat made a net profit of 2.2 billion dirhams ($599 million) in the three months to June 30, it said in a bourse filing. That compared with 1.95 billion dirhams in the same period a year ago.

SICO Bahrain had forecast that Etisalat would make a quarterly net profit of 2.3 billion dirhams.

Etisalat, which operates in 16 countries, earned 13.1 billion dirhams in revenue in the second quarter, versus 12.83 billion dirhams in the prior-year period.

Consolidated capital spending fell 6 percent to 2.1 billion dirhams. Operating expenses rose 1.9 percent to 8.37 billion dirhams.

Etisalat subscribers were up 4 percent year-on-year to 144 million but were flat when compared to this year’s first quarter.

About Marc Mcilhone

Marc Mcilhone
Marc Mcilhone is ArabBrains' Editor - sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives. Please email press releases and news to: editor@arabbrains.com

Check Also

Saudi efforts to improve education system showcased

Saudi Education Minister Ahmed bin Mohammed Al-Issa on Thursday highlighted the great support provided by …