Etisalat remained both profitable and growing in the last quarter of last year, largely weathering the global economic storm that reached the region in the same period.
But in a rare occurrence, the company yesterday reported full-year results that fell far below the expectations of analysts.
The national telecommunications company announced a full-year profit of Dh8.67 billion (US$2.36bn) yesterday, up 18 per cent on the previous year but well under the Dh9.46bn consensus estimate of telecoms analysts.
In 2007, Etisalat grew its yearly profit by 33 per cent. Analysts attributed the lower-than-expected yearly result to an unspecified downward adjustment made in the fourth quarter.
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