Qualcomm has reported record quarterly revenues for the first quarter of fiscal 2012 ended December 25, 2011. The company posted revenues of US$4.68 billion, a rise of 40 per cent on the previous year.

Net income was up by 20 per cent to US1.4 billion. Operating income was also up, by 24 per cent to US $1.55 billion.

Operating cash flow was US$1.78 billion, representing 38 per cent of revenues.

Mobile Station Mobile chipset shipments were 156 million units, up 32 per cent year-on-year and 23 per cent sequentially.

India’s Supreme Court has cancelled 122 telecommunications licences awarded to companies in 2008.

The licences were issued by former minister A Raja, who is accused of mis-selling bandwidth in what has been called India’s biggest corruption scandal. Raja denies wrongdoing.

Government auditors say the scandal cost the country about US$40 billion.

The judges also ordered a court to decide whether home minister P Chidambaram should be investigated. Opposition MPs accuse Chidambaram of failing to prevent the scandal when he was finance minister. He denies any wrongdoing.

Raja is currently on trial for fraud.

India is one of the world’s fastest growing markets for mobile telephones with 893 million subscriptions.

Reports say today’s verdict is likely to affect about five per cent of connections used by mobile phone customers.  India’s telecom regulator says the affected subscribers can be transferred to other mobile operators.  Some of the companies affected by the court order include Loop, Videocon, Idea Cellular, Tata Telecom, Uninor and Swan.

LG Electronics Inc. (LG) today announced fourth quarter 2011 consolidated revenues of KRW 13.81 trillion (USD 12.05 billion) with an operating profit of around US$20 million. Quarter-on-quarter revenue growth reflected strong performance in home entertainment and home appliances with improved operating profit in the mobile and TV businesses.

Unaudited consolidated financial results for the period ending December 31, 2011, showed a net loss of KRW 112 billion in the quarter, primarily due to a loss on investments in affiliated companies and net financial expense.

Full-year 2011 consolidated revenues reached KRW 54.26 trillion. Despite a 2011 net loss of KRW 433 billion, operating profits improved significantly to KRW 280 billion from KRW 176 billion for full-year 2010.

The LG Mobile Communications Company improved its position in the fourth quarter with operating profits of KRW 12 billion and sales of KRW 2.78 trillion on the strength of premium smartphones such as the Optimus LTE. For full-year 2011, the company posted sales of KRW 11.69 trillion, a decline of 9.9 per cent from 2010.

Etisalat Group announced it has appointed Saleh Al Abdooli as CEO for Etisalat UAE and Saeed Al Hamli as CEO for Etisalat Misr, effective April 2012.

For the past five years Al Abdooli has been CEO of Etisalat Misr.

Al Hamli has worked both inside and outside the UAE, and between 2007 and 2011, he worked as the CEO of Etisalat Afghanistan.

Nasser bin Obood previously held the position of acting CEO of Etisalat UAE.

Etisalat will announce bin Obood’s new leadership role in due course.

Etisalat is reported to be mulling bids to sell its towers network Africa. The telco has subsidiaries in 10 countries and owns around 4,500 towers across the continent.

Citing sources familiar with the matter, Reuters said that Etisalat has invited bids for the tower assets.

The telco had been looking to sell the towers to another management company for around US$500 million, but sources indicated that a block sale of the entire portfolio proved difficult.

The company is now reported to be looking to sell its towers on a per-country basis.