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FINANCIAL NEWS
UAE- Etisalat net profit declines by 8 percent
27 Apr 2016
(MENAFN) UAE telecom Etisalat proclaimed that its net profit declined by 8 percent to USD 545mn in Q1 of 2016 due to Forex losses.
Moreover, revenues jumped by 1 percent to USD 3.5bn, influenced by unfavorable exchange rate movement, basically in Morocco.
In addition, the company is the second largest Arab telecoms firm after Saudi Telecom in market value, which has 165mn customers in 17 nations.
On the other hand, the UAE government which owns a 60 percent share in the firm, decided to open it up to foreigners for the first time.
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