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UAE’s Etisalat expects to generate USD9.4b in 2013

07 Mar 2013

(MENAFN) Former UAE telecoms monopoly Etisalat said it expects to generate up to USD9.4 billion revenues this year, Reuters reported.

It also unveiled plans to consolidate its smaller assets in what it terms “fragmented markets” through mergers, acquisitions or asset sales.

Etisalat, which operates in 15 countries in the Middle East, Africa and Asia, saw its profits fall in recent years, affected by USD1.6 billion write downs on troubled foreign units and stiffer competition at home and overseas markets.

The GCC’s second largest telecoms operator reported a 24 percent drop in 2012 profits to USD1.84 billion, compared to a 2009 peak of USD2.41 billion, but revenue, on the other hand, has grown over this period to a record high of USD8.97 billion last year.

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