Etisalat reports a fall of 18 percent in Quarter 3
By insightVAS - Tue Oct 29, 3:42 pm
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At the end of third quarter of 2013, the Middle East based telecom operator Etisalat Group has reported a fall of 18 percent. The company announced a net profit of 1.83 billion dirhams ($498.23 million) in the three months to Sept. 30 compared to the profit of 2.21 billion dirhams a year earlier.
The company operates in 15 countries across Middle East, Africa and Asia. It is in talks with Maroc Telecom to buy a controlling.
Quarterly operating expenses rose 32 percent to 6.09 billion dirhams. This was largely due to a 47 percent jump in sales costs to 2.15 billion dirhams, while staff costs and depreciation also increased.
Eissa Al Suwaidi, Chairman of Etisalat, said, “The Q3 results were positive across our operations, with consolidated revenues boosted by the positive performance of the group and by Etisalat UAE in particular”.
Etisalat Group aggregate subscriber base grew to 144 million by end of September 2013 representing year over year growth of 11 percent. In the UAE, subscriber base grew to 10.2 million representing YoY growth of 14 percent. Mobile subscribers grew to 8.3 million representing a YoY growth of 17 percent due to successful promotional campaigns and launch of new products and services. Fixed broadband subscribers grew by 12 percent to 0.9 million.
Africa cluster consolidated subscriber base grew to 12.0 million at the end of September 2013 representing YoY growth of 6 percent.
Asia cluster consolidated subscriber base reached 36.5 million at the end of September 2013, increasing by 28 million subscribers due to the consolidation of operations in Pakistan with effect from January 1st 2013.
Consolidated revenues during the third quarter of FY 2013 reached AED 9.59 billion representing an increase of 20 percent in comparison to the same period of last year.
In the UAE, revenues of AED 6.1 billion for the quarter were 13 percent higher than in the third quarter of 2012. The quarterly year-over-year growth in revenues was primarily due to customer acquisition, an increase in the revenues of data and handsets sales.
Revenue from international consolidated operations grew by 41 percent to AED 3.38 billion, representing 35 percent of consolidated revenues.
Africa cluster consolidated revenues reached AED 699 million. In Asia cluster, consolidated revenues grew to AED 1.5 billion representing a growth of 285 percent in comparison to the same period of last year.
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