UAE telco Etisalat Q4 profit falls 12%

UAE telco Etisalat Q4 profit falls 12%
Etisalat reported a 12% drop in Q4 net profit.
Published: 15 February 2018 - 6:03 a.m.
By: Staff Writer

UAE telecoms company Etisalat on Wednesday reported a 12% fall in fourth-quarter profit, according to Reuters calculations.

Etisalat, which directly and indirectly operates in countries across the Middle East, Africa and Asia, made a net profit of 1.97 billion dirhams ($536.4 million), in the three months to 30th December, Reuters calculated from annual financial statements in the absence of a quarterly breakdown.

This compares with a net profit of 2.24 billion dirhams in the same period a year ago.

SICO Bahrain forecast the company would make a net profit of 2.21 billion dirhams.

Abu Dhabi-listed Etisalat reported annual profit for 2017 of 8.44 billion dirhams, up from 8.42 billion dirhams in the year earlier.

It said consolidated revenue for 2017 dropped 1.3% mainly because of the impact of unfavourable exchange rate movements in the Egyptian pound against the dirham.

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