We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 31 Jul 2016 10:35 AM

Font Size

- Aa +

Du’s Q2 net profit dips 11% as earnings slump continues

UAE’s number two telco had reported declining profits in the preceding six quarters

Du’s Q2 net profit dips 11% as earnings slump continues

Du, the UAE’s No. 2 telecom operator, extended its earnings slump as it reported an 11.3 percent fall in its second-quarter net profit on Sunday.

The firm, which ended rival Etisalat's domestic monopoly in 2007, had reported declining profits in the preceding six quarters, according to Reuters data.

Du made a net profit of 445.4 million dirhams ($121.3 million) in the three months to June 30, down from 502.0 million dirhams in the year-earlier period.

Analysts at EFG Hermes and SICO Bahrain forecast du would make a quarterly profit of 433.8 million dirhams and 487.1 million dirhams, respectively.

Second-quarter revenue was 3.07 billion dirhams, mostly steady versus the 3.09 billion dirhams recorded in the corresponding year-ago period.

The board of du has proposed paying a cash dividend of 0.13 dirhams ($0.04) per share for the first half of 2016, the United Arab Emirates' No.2 telecom operator said in a bourse filing on Sunday.

This compares with a dividend of 0.13 dirhams per share, plus a special dividend of 0.1 dirhams per share, which the company had paid in the corresponding period a year ago.

Arabian Business: why we're going behind a paywall

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.