Etisalat Second-Quarter Profit Declines 21% on World Economic Conditions - Bloomberg

Emirates Telecommunications Corp., the United Arab Emirates’ biggest phone company, said second- quarter profit dropped 21 percent as it competes with Emirates Integrated Telecommunications Co. for the local phone market.

Net income fell to 1.9 billion dirhams ($520 million), from 2.4 billion dirhams a year earlier, the Abu Dhabi-based company known as Etisalat said in an e-mailed statement today. That fell short of the 2.025 billion dirhams median estimate of four analysts. Revenue remained unchanged at 8.1 billion dirhams.

“Etisalat has followed a powerful strategy to offset the potential impact of today’s global economic conditions which continue to affect the results of companies around the world,” Etisalat Chairman Mohammad Omran said in the statement. “We have seized opportunities to stand strong and have faced all the challenges and continue to achieve exceptional results.”