Etisalat earnings pull Abu Dhabi bourse down

Markets Update Etisalat declines at the open after the telecommunications operator reported a 15 per cent decline in profits for the quarter.

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Etisalat pulled the Abu Dhabi bourse lower this morning as the country's largest telecommunications operator missed earnings expectations.

Etisalat declined 1.8 per cent at the open after reporting a 15 per cent drop profit in the second quarter, compared to a year earlier.

Shares were down to Dh10.85 in Abu Dhabi at 10am.

Net income fell to Dh1.59 billion, compared with Dh1.87 billion a year earlier, the company said in a statement to the Abu Dhabi Securities Exchange.

A median estimate of three analysts forecasted a profit of Dh1.86 billion according to Bloomberg.

The Abu Dhabi Securities Exchange General Index was down 0.4 per cent to 2720.30 points. The Dubai Financial Market General Index slipped by 0.1 per cent to 1545.02 points.

Elsewhere in the region, Kuwait's measure lost 0.2 per cent to 6052.80. Bahrain's index lost 0.2 per cent to 1316.91. Oman's measure was unchanged at 5982.24. Qatar's benchmark was also unchanged at 8483.66. The Saudi Tadawul All-Share Index was down 0.9 per cent to 6459.23.