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FINANCIAL NEWS
du posts 155% hike in Q4 net profit
25 Feb 2010
(MENAFN) Dubai-based telecom firm du said that its net profit grew 155 percent in the fourth quarter, mainly on a rise in mobile users during the three-month period, Reuters reported.
du posted a record net profit before royalty of $143.7 million for the full year ending December 31, 2009.
The firm’s net profit before provisions for a 50 percent royalty fee to the emirate’s government grew to $56.90 million in the quarter compared to $22.3 million in the year earlier period.
The telecom company saw its biggest growth in subscribers during the fourth quarter, adding more than a third of its new customers for the year. the firm said that it added 1.01 million customers with the total active subscriber base reaching 3.47 million.
du also said that it has earmarked $600 million to boost its network this year.
It is worth noting that du is owned partly by the ruler of Dubai’s investment company Dubai Holding and Abu Dhabi investment vehicle Mubadala Development Co, and it has launched its services only three year ago.
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