Saturday July 18, 06:31 PM
UAE telecom giant posts H1 profit of $1.25 billion
DUBAI (AFP) - UAE telecoms giant Etisalat posted first half profits of 4.593 billion dirhams (1.25 billion dollars) on Saturday hailing it as evidence the company had weathered the global economic slowdown.
The firm acknowledged that the net profits were down on the headline figure of 5.045 billion dollars (1.37 billion dollars) posted for the same period of last year.
But it said that that figure had been inflated by exceptional income of 892 million dirhams from the sale of shares in Saudi mobile operator Mobily.
It said that if profits from that sale were excluded, the 2008 first half figure stood at 440 million dirhams or 11 percent lower than this year's.
The firm said that at 14.744 billion dirhams (4.01 billion dollars), first half revenues were 10 percent up on the same period of 2008, while assets rose seven percent to 67.245 billion dirhams (18.32 billion dollars).
"The financial results for the first half of 2009 reflect that Etisalat was not directly affected by the global financial crisis," the company's chairman Mohammad Omran said.
"We have reduced our operational expenditure in the period and have become even more selective in choosing our international investments. We are achieving this by making use of the current financial environment and searching for positive opportunities that arise during these times."
With more than 85 million subscribers across the Middle East, Africa and Asia, Etisalat boasts of being one of the world's largest telecoms firms. It expects to reach 100 million subscribers during 2010.
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