Etisalat’s net profit for Q2 down 40% year-on-year

Etisalat Group today announced its consolidated financial statements for the three months to end-June 2015, with consolidated revenues for the second quarter amounting to AED13.3 billion (US$3.64 billion), up six per cent year-on-year.

Consolidated EBITDA for the second quarter totalled AED6.8 billion, up 17 per cent year-on-year, and resulting in an EBITDA margin of 51 per cent.

Consolidated net profit after Federal Royalty amounted to AED1.5 billion in the second quarter, down 40 per cent year-on-year, and impacted by share of results from associates and forex losses.

Etisalat explained the decline in net profit after Federal Royalty as being attributable to higher depreciation and amortization charges; the impact of Mobily’s additional provision for accounts receivables, higher net finance costs, incurring forex losses during the period against forex gains in the same period last year, and higher Federal Royalty charges.

Aggregate subscriber base reached 168 million subscribers.