#UAE telco Etisalat reports slight drop Q1 profit on increased costs - Arabianbusiness

UAE telco Etisalat reports slight drop Q1 profit on increased costs - Arabianbusiness:

UAE-based telecoms operator Etisalat Group posted AED 2.2 billion ($598.9m) in net profit for the first three months of the year, a 2% drop on same quarter last year.

In a statement, Etisalat said that total earnings before interest, tax, depreciation and amortisation (EBITDA) of AED 6.7 billion ($1.8bn), a 1.5 percent increase from the same time period a year before.

The decrease in profit was attiributed to to higher depreciation and amortisation expenses, higher forex losses, and higher financing costs.