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FINANCIAL NEWS
Etisalat Q2 net profit down 14.9%
18 Jul 2011
(MENAFN) Etisalat Telecommunications said that due to growing operating costs, the UAE’s largest teleco company’s second quarter net profit dropped 14.9 percent reaching USD433 million from USD509 million in the same quarter in 2010 , reported Arabian Business.
The company added that net profit for 2011’s first six months reached USD925 million whereas revenue in the period reached USD4.3 billion, moreover, the firm’s provision for estimated indirect tax liabilities from an overseas subsidiary reached USD86.5 million.
It also said that compared with the same quarter in 2010, staff and operating costs went up 17.5 percent reaching USD340 million.
It is worth noting that at the end of this year’s first half, Etisalat’s mobile subscribers reached 7.5 million, its fixed lined subscribers 1.1 million and its internet subscribers 1.4 million.
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