July 24, 2018 / 11:20 AM / 4 months ago

UAE's Etisalat Q2 profit up on lower capital expenditure, more subscribers

DUBAI, July 24 (Reuters) - Emirates Telecommunications Group , also known as Etisalat, reported on Tuesday a 12.3 percent rise in second-quarter net profit as it cut capital expenditure and added more subscribers.

Etisalat made a net profit of 2.2 billion dirhams ($599 million) in the three months to June 30, it said in a bourse filing. That compared with 1.95 billion dirhams in the same period a year ago.

SICO Bahrain had forecast that Etisalat would make a quarterly net profit of 2.3 billion dirhams.

Etisalat, which operates in 16 countries, earned 13.1 billion dirhams in revenue in the second quarter, versus 12.83 billion dirhams in the prior-year period.

Consolidated capital spending fell 6 percent to 2.1 billion dirhams. Operating expenses rose 1.9 percent to 8.37 billion dirhams.

Etisalat subscribers were up 4 percent year-on-year to 144 million but were flat when compared to this year’s first quarter. ($1 = 3.6728 UAE dirham) (Reporting by Alexander Cornwell, editing by David Evans)

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