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FINANCIAL NEWS
UAE’s Etisalat reports USD517.3m profit in Q2
26 Jul 2012
(MENAFN) UAE’s former monopoly Etisalat reported a 17 percent increase in quarterly profits on higher revenue from its overseas operations, Reuters reported.
The company said it made USD517.3 million during the second quarter, up from USD432.77 million a year earlier.
Quarterly revenue rose 4 percent to USD2.26 billion from USD2.16 billion a year earlier, the company added.
The telecoms giant, which operates in 17 countries, said revenue from its overseas operations partly made up for a drop in local business.
Etisalat also unveiled plans to shift focus to high growth, populous markets in the Arab world, Africa, Asia to drive revenues.
Earlier this month, the government shook up Etisalat’s board and replaced its long-time chairman in a sign of growing royal dissatisfaction with the operator’s performance.
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