UAE telco du extends earnings slump as Q2 net profit dips 11.3 per cent

July 31, 2016 1:06 pm

Du, the United Arab Emirates’ No.2 telecom operator, extended its earnings slump as it reported an 11.3 percent fall in its second-quarter net profit on Sunday.


The firm, which ended rival Etisalat’s domestic monopoly in 2007, had reported declining profits in the preceding six quarters, according to Reuters data.


Du made a net profit of 445.4 million dirhams ($121.3 million) in the three months to June 30, down from 502.0 million dirhams in the year-earlier period.


Analysts at EFG Hermes and SICO Bahrain forecast du would make a quarterly profit of 433.8 million dirhams and 487.1 million dirhams, respectively.


Second-quarter revenue was 3.07 billion dirhams, mostly steady versus the 3.09 billion dirhams recorded in the corresponding year-ago period.


By Reuters
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