Etisalat profits drop for a third quarter in a row

The UAE-based Etisalat reports a 1 per cent decline in quarterly profits, the third drop in a row.

The UAE-based Etisalat reports a 1 per cent decline in quarterly profits, the third drop in a row. The National.

Increased operating expenses and a failure to grow its UAE mobile subscriber base saw Etisalat report its third decline in profits in a row.

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The UAE-based telecommunications company said today that its third-quarter profit amounted to Dh1.72 billion, after provision for a royalty payment to the government.

That is a decline of 1 per cent on the same period last year.

Etisalat reported 7.5 million mobile subscribers in the UAE, level with figure reported in its second-quarter results.

The company's revenues increased by 8.6 per cent to Dh8.04 billion in the third quarter of this year.

That was outpaced by increased operating expenses, which amounted to Dh5.14 billion in the third quarter, a 22.3 per cent increase on the same period last year.

Etisalat's decline in profits is slowing. In the first quarter, the company reported 8.5 per cent lower profits compared with the same period in 2010. In the second quarter, profit was down by 15 per cent.