Etisalat results impacted by impairment charge in Pakistan

Etisalat has taken an AED2.83 billion (US$769 million) impairment charge on its international units, citing political and economic conditions as the cause. Of this total figure, AED2.37 billion was the write-down in value of the operator’s Pakistani unit.

The charge had an impact on the operator’s Q412 results, with net profit of AED854 million, according to Reuters. However, the figure still represents growth from a AED704 million net profit in the same period in 2011.

The operator’s full-year net profit was AED6.74 billion, an increase from the AED5.84 billion in 2011.

PTCL is Pakistan’s third largest mobile operator and also offers fixed services. According to Wireless Intelligence figures, the mobile operator had 24 million subscribers at end-Q412.

Etisalat reported a 2012 net profit of AED6.74 billion, an increase from the AED5.84 billion in 2011.

Fourth-quarter revenue was AED8.48 billion, a three per cent increase on the same period in the previous year. Full-year revenue was AED32.7 billion, a two per cent increase on 2011.

The company also took a smaller write-down of AED459 million in its Q412 results in relation to its fixed-line operations in Sudan.