Monday, Apr 23, 2012
DUBAI (Zawya Dow Jones)--Abu Dhabi's Emirates Telecommunications Co. (ETISALAT.AD), or Etisalat, said Monday profit in the first quarter was broadly flat, compared with the year earlier period, as operating expenses rose and the Middle East's biggest telecom provider by market value continued to feel the heat in terms of competition from its domestic rival.
Etisalat said net profit in the three months ending Mar. 31 amounted to 1.81 billion U.A.E. dirhams ($493 million), little changed from AED1.82 billion in the year earlier.
The quarterly result still exceeded the AED1.7 billion effort that analysts at Bahrain-based Sico had penciled in and was ahead of Cairo-based Beltone Financial's forecast of AED1.5 billion.
Etisalat shares closed trading Monday down 0.4% at AED8.60.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
23-04-12 1134GMT
