UAE telco Etisalat Q4 profit falls 12%
Etisalat net profit down to AED1.97bn, misses forecasts
UAE telecoms company Etisalat on Wednesday reported a 12% fall in fourth-quarter profit, according to Reuters calculations.
Etisalat, which directly and indirectly operates in countries across the Middle East, Africa and Asia, made a net profit of 1.97 billion dirhams ($536.4 million), in the three months to 30th December, Reuters calculated from annual financial statements in the absence of a quarterly breakdown.
This compares with a net profit of 2.24 billion dirhams in the same period a year ago.
SICO Bahrain forecast the company would make a net profit of 2.21 billion dirhams.
Abu Dhabi-listed Etisalat reported annual profit for 2017 of 8.44 billion dirhams, up from 8.42 billion dirhams in the year earlier.
It said consolidated revenue for 2017 dropped 1.3% mainly because of the impact of unfavourable exchange rate movements in the Egyptian pound against the dirham.