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Etisalat Group's net profit declines 18% in Q3

Revenues up by 20% as subscriber base reaches 144m

Etisalat Group's net profit declines 18% in Q3

The UAE's Etisalat Group saw its net profit decline by 18% in the third quarter of the year to AED1.82bn ($495m), compared with AED2.2bn in the same period last year.

Etisalat attributed the decline to a one-off gain in Q3 2012 from the sale of a stake in Indonesian operator, PT XL Axiata, for about $510m.

Revenues increased by 20%, year on year, to reach AED9.6bn in the three months ending September 30. Revenues from international operations grew by 41% to AED3.4bn.

The telco's subscriber base grew by 11% to 144m by the end of Q3.

Etsialat's capex increased by 39% to AED1.3bn, representing 13% of the company's consolidated revenues.

Eissa Al Suwaidi, chairman of Etisalat, said: "The Q3 results were positive across our operations, with consolidated revenues boosted by the positive performance of the group and by Etisalat UAE in particular."

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