Etisalat’s Q1 profit drops 8.5 per cent year-on-year to AED1.99 billion

Despite Etisalat posting a five per cent year-on-year increase in first quarter 2010 revenues of AED 7.945 billion (US$2.163 billion), net profit declined by 8.5 per cent from a year earlier to AED 1.99 billion. Earnings per share for the period ending March 31, 2010 was AED 0.25 per share. The UAE-based operator has not provided any further details of its earnings nor a reason for the decline in profits.

Mobile subscribers in its home market closed at 7.71 million for the quarter, down from 7.74 million at the end of December. Fixed line subscribers remained relatively the same at 1.3 million, while Internet customers rose from 1.33 million to 1.38 million.

The firm, which has 100 million subscribers across 18 countries, announced on April 18 that it had acquired a further 14 per cent equity in Tanzania’s Zantel for US$16 million, bringing its shareholding stake to 65 per cent.