UAE’s Etisalat Q3 net profit up 16%
UAE telecoms company Etisalat’s third-quarter profit rose 16 percent after adjusting for the impact of the sale of Sudan’s Canar, missing the average forecast of analysts. Etisalat, which directly and indirectly operates in about 18 countries across the Middle East, Africa and Asia, made a net profit of 1.9 billion dirhams ($517.4 million) in the three months to Sept. 30, it said in a statement yesterday. Three analysts polled by Reuters had on average forecast the company would make a net profit of 2.24 billion dirhams. In August, Etisalat said it had completed the sale of its 92.3 percent shareholding in Sudanese fixed-line operator Canar to Sudan’s Bank of Khartoum, receiving 349.6 million dirhams in return for the stake.