Etisalat has reported an 8.5 per cent decline in first-quarter profit, amid high capital expenditure and greater competition in the UAE market.
Net income for the period was well short of analysts' expectations, falling to Dh1.82 billion (US$495.5 million) from Dh1.99bn during the same period last year.
The group had Dh1.11bn of capital expenditure during the quarter, and said net earnings had been hit by its investment in new networks in the UAE.
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