Etisalat chairman upbeat on Q4 profits

GITEX: UAE phone giant expects to maintain Q3 growth which saw profits increase to $571mn.

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By  Ola Galal Published  October 19, 2008

Emirates Telecommunications Corp should maintain the same level of profit growth in the fourth quarter that it posted in the third quarter, its chairman said on Sunday.

"We will maintain the same rhythm," Mohammed Hassan Omran said when asked about Etisalat's profit outlook in the coming quarter.

Etisalat met analysts' expectations with a 19 percent rise in third-quarter profit to 2.1 billion dirhams ($571.7 million) in the three months to September 30 as it added more users in a saturated home market and expanded abroad.

Shares of Etisalat were up more than 3 percent in trading on Sunday after the results announcement.

Omran added Etisalat could spend more than 1 billion dirhams expanding infrastructure in the UAE in the next three years. (Reuters)

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