Emirates Telecommunications Corporation (Etisalat), UAE-based telecoms operator has reported a 23% fall in third-quarter net profit to US$473 million, as it seeks expansion opportunities abroad.
As per reports, the company generated revenue of US$1.98 billion in 3Q10, versus just under US$2.27 billion in the same period a year ago due to increased competition in its domestic market. Net profit for the nine months ended 30 September 2010 totaled US$1.52 billion, down from US$1.74 billion in the same period of 2009, while revenue generated in the nine-month period fell 2% year-on-year to US$6.35 billion. Etisalat recorded 7.81 million mobile subscribers at 30 September 2010, an increase of 10,000 over the quarter. At the same date, fixed telephone lines totaled 1.25 million, while internet connections declined by 40,000 quarter-on-quarter to 1.35 million due to falling dial-up users.