Etisalat's annual profit declines

Revenue generated from international operations rises 18%.
Mohammad Omran, chairman, Etisalat, said that the company delivered earnings growth in its international markets.
Mohammad Omran, chairman, Etisalat, said that the company delivered earnings growth in its international markets.

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Etisalat Group posted a net profit of AED5.13 billion ($1.39bn) for the nine months ending September 31, representing a decrease of 8.4% compared to the AED5.6 billion profit that the telco posted for the same period last year.

However, the telco’s profit for the third quarter declined by just 0.9% compared to Q3 2010, to reach AED1.72 billion.

Net revenue reached AED24.01 billion in the nine months to September 30 2011, an increase of 3% compared to the same period last year.

Revenue earned from international operations contributed 26% to overall revenue and increased 18% on the same period last year.

Operating margins remained “resilient” according to Etisalat, with operating profit before federal royalty of AED9.94 billion, representing a margin of 41%.

Mohammad Omran, chairman, Etisalat, said: “Our performance has improved due to our ongoing initiatives to add new revenue streams and optimise our costs.

"Etisalat has shown a positive operational performance trend in the local UAE market during the last quarter, while delivering continued revenue and earnings growth in our international operations. We are confident that we will see this trend continue as the year goes on."

Omran added that Etisalat maintained a "strong capital base" supported by a cash position of AED10.5 billion as of 30 September 2011.
 

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