UAE’s Eti­salat Q3 net profit up 16%

Kuwait Times - - BUSINESS -

DUBAI:

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.

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