October 25, 2017 / 11:33 AM / a year ago

Etisalat third quarter profit rises 29 pct

DUBAI, Oct 25 (Reuters) - Etisalat, the United Arab Emirates-based telecom operator, reported a 29 percent increase in third quarter consolidated net profit on Wednesday.

Etisalat made a 2.4 billion UAE dirham ($653 million) consolidated net profit after paying royalty taxes to the government, compared to 1.87 billion dirhams a year earlier, according to a bourse statement.

The country’s largest telecoms company did not say whether this figure was attributable to shareholders, a measure closely watched by investors.

Third quarter revenue fell 3 percent to 12.8 billion dirhams, which it said was affected by unfavourable foreign currency exchange rates mainly in Egypt.

However, Etistalat, which operates across the Middle East, Africa, and Asia, attributed its profit increase to lower depreciation and amortisation charges, high net finance income, lower losses from discontinued operations, and foreign currency gains compared to a year earlier. ($1 = 3.6728 UAE dirham) (Reporting by Alexander Cornwell; Editing by Adrian Croft)

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