Du CEO warns 'worst is still ahead' for UAE telco amid Covid-19 crisis - Arabianbusiness:
The CEO of Emirates Integrated Telecommunications Company (EITC), Johan Dennelind, has warned of tough times ahead for the provider, who last week announced a year-on-year 4.8 percent drop in revenues to AED2.99 billion for the first quarter of 2020.
According to a company statement last week, Q1 2020 EBITDA and net income were down by 10.8 percent (AED1.266bn) and 21 percent (AED335m) year-on-year respectively, driven by a decline in mobile revenues as a result of customers moving towards more prepaid options as opposed to fixed contracts.
Dennelind told Arabian Business: “We have only talked about Q1 and as you see our revenues are down five percent on year-on-year for the quarter and moving forward we expect the worst is still ahead of us in terms of our revenue impact and we’re mitigating more on the cost side to try to stay in the right zone.
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