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Sun 26 Jul 2009 08:43 AM

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Du posts $15.7m Q2 net profit

Dubai telecom firm's net income in the first six months of the year rises to AED81.02m from a loss in 2008.

Du posts $15.7m Q2 net profit

Telcoms firm du posted on Sunday a second-quarter net profit of AED57.65m ($15.7m) in the second quarter, in-line with analysts forecasts as the UAE firm added subscribers.

Net income was up 231.5 percent from a loss of AED43.84m in the corresponding period in 2008.

"We have seen solid progress across the business and, having already reached our target of 30 percent market share one year ahead of schedule, we are now working towards capturing 35 percent of the market in 2010," du's chairman Ahmed bin Byat said in a statement.

du, which recorded its first full-year profit in 2008, said it gained 155,900 mobile telephone customers in the three months to June, bringing its total of active subscribers to 2.9 million even as Dubai suffers from a property market slump that has led to scores of job losses.

Net income in the first six months of the year to June 30 rose to AED81.02m from a loss of AED105.5m in 2008, it said in a statement on the bourse website.

A Reuters survey earlier this month predicted net profit to rise, on average, to about AED56.4m.

Byat said the firm expected operating challenges in the next two quarters.

The firm, which posted a first-quarter profit of AED47m, said its capital expenditure programme is expected to exceed AED2bn this year, with AED404.5m of that booked in the second quarter. (Reuters)

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