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