Business | Telecoms

Etisalat 3Q net income reaches Dh2.134 billion

Etisalat reported third-quarter earnings over the weekend with a net income after minority interests of Dh2.134 billion (Dh0.36 per share), marginally below the company's estimate of Dh2.253 billion (Dh0.38 per share), representing an EPS increase of 19.7 per cent year-on-year.

  • Staff Report
  • Published: 12:46 October 20, 2008
  • Gulf News

Dubai: Etisalat reported third-quarter earnings over the weekend with a net income after minority interests of Dh2.134 billion (Dh0.36 per share), marginally below the company's estimate of Dh2.253 billion (Dh0.38 per share), representing an EPS increase of 19.7 per cent year-on-year.

Revenue for the quarter increased to Dh6.62 billion, up 24.4 per cent year-on-year and 3.8 per cent quarter-on-quarter, driven by an increase in both UAE and international revenue.

UAE mobile subscribers increased to 7.05 million, representing 0.22 million net additions, an increase of 3.2 per cent quarter-on-quarter. UAE fixed line growth remained stagnant at 1.36mn subscribers, a quarter-on-quarter growth of 0.7 per cent.

UAE internet subscriber continued to grow to reach 1.08mn subscribers, a growth of 5.9 per cent quarter-on-quarter.

Capex for the quarter decreased to Dh625 million, (9.4 per cent of sales) versus Dh1.14 billion in Q2 2008 (17.9 per cent of sales), bringing total capex for 9 months 2008 to Dh2.66bn (14 per cent of sales).

Etisalat continues to gain additional subscribers across all segments in the UAE. The company expects to complete its Swan Telecom acquisition in Q4 2008 and continues to explore further overseas opportunities.

Etisalat's balance sheet remains strong, with Dh12 billion cash balances and no net debt, giving it ample funds for capex investment in India as well as further overseas acquisitions.

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