du shares dive on fourth quarter profit decline
The Dubai Financial General Index (DFMGI) closed 1.33 per cent lower at 4,167.75 points on Tuesday, February 18, as trading volumes remained at bullish levels. Emaar gained 3.27 per cent to AED8.84 after Moody’s upgraded the Middle East region’s biggest developer credit rating from Ba3to Ba1. Telecom operator du plummeted 5.63 per cent to AED6.20. Earlier in the day, du said that it netted 43 per cent lower net income in the fourth quarter 2013 than in the same period in 2012. The full-year net profit for 2013 was AED1.99 billion ($542.67 million), up insignificantly higher than in the previous year. The company’s CEO, Osman Sultan, says data continued to be a key market driver during 2013. He adds: “As our customers’ demand for connectivity remained strong, this demand translated into significant growth in mobile data revenue, which increased by 33.8 per cent, from AED1.77bn in 2012 to AED 2.36bn.” Approximately 1.44 billion shares were traded, valued at a whopping AED2.9bn.