#Dubai's Du reports higher Q2 net profit, drop in revenue | ZAWYA MENA Edition

Dubai's Du reports higher Q2 net profit, drop in revenue | ZAWYA MENA Edition:

Dubai-based telecoms operator Emirates Integrated Telecommunications Company (Du) reported a 2.43 percent rise in net profit for Q2 2019 at 464 million dirhams ($126.33 million) after royalty payments.

The company’s revenues dropped 4.78 percent to 3.19 billion dirhams in Q2 2019, from 3.35 billion dirhams in Q2 2018, missing EFG Hermes' estimate.

Omar Maher, vice president of equity research at EFG Hermes told Zawya that despite a “slight miss” in revenues, Du’s net profit came right in line with EFG Hermes’ estimate, as the top-line miss “was offset by stronger-than-expected margin performance.”