Du boosted its full-year profit almost fivefold as the United Arab Emirates’ second-biggest phone company added customers and gained from a reduction in the government’s royalty fee.
Emirates Integrated Telecommunications Co. (DU), as Du is formally known, had 2010 profit of 1.31 billion dirhams ($357 million), compared with 264 million dirhams a year earlier, it said today in a statement. Du paid 15 percent of its earnings in royalties, down from 50 percent in 2009. Revenue rose 33 percent to 7.1 billion dirhams.
“The most widely acknowledged success is the continued growth of our market share,” Chairman Ahmed Bin Byat said in the statement. The telephone company “will be advised on the royalty rate for future years in due course,” he said.
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