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Tue 14 Feb 2017 02:27 PM

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Dubai telco du sees 20% slump in Q4 net profit

Telecom operator makes a net profit of just over $100m in the three months to Dec 31

Dubai telco du sees 20% slump in Q4 net profit

Du, the United Arab Emirates' second biggest telecommunications operator, reported a 20 percent fall in fourth-quarter net profit on Tuesday, according to Reuters calculations.

The firm had reported declining profits in the preceding eight quarters, according to Reuters data, with chief executive Osman Sultan saying in July last year that the firm needed to regain momentum in the prepaid mobile market if it was to counteract the impact of higher government taxes.

Du, which ended rival Etisalat's domestic monopoly in 2007, made a net profit of 369.8 million dirhams ($100.8 million) in the three months to Dec. 31, down from 462.4 million dirhams in the year-earlier period, Reuters calculated from financial statements in the absence of a quarterly breakdown.

SICO Bahrain had forecast du would make a quarterly net profit of 447.5 million dirhams, while EFG Hermes had forecast 463.9 million dirhams.

For the full year of 2016, du said net profit was 1.75 billion dirhams, down from 1.94 billion dirhams in the previous year.

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