Etisalat profit misses analyst forecasts

Etisalat reported flat profit for the third quarter of the year, coming in below analyst forecasts.

The operator said its group profit for the three months to the end of September was Dh1.9 billion after federal royalty, equivalent to 22 fils per share, in line with its net income for the same period last year.

Etisalat said the figure represented a 16 per cent year-on-year increase after adjusting for the impact of the sale of Sudanese fixed-line operator Canar.

The profit figure came in below an average forecast of Dh2.2 bn from analysts surveyed by Reuters.

Revenue across Etisalat’s businesses grew 3 per cent year on year to Dh13.2bn, the operator said in a statement.

Etisalat, which operates in around 18 countries, said that profit for the first nine months of the year rose 9 per cent to Dh6.2bn.

The operator sold its 92.3 per cent stake in Sudan’s Canar for Dh349.6 million in August.

Etisalat shares closed 1.0 per cent lower at Dh19.35 Wednesday, ahead of the announcement of the results.

The company’s shares are up 20.1 per cent for the year to date. That compares with a decline of 0.9 per cent in the Abu Dhabi Securities Market General Index for the same period.

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