July 19, 2018 / 5:33 AM / 3 months ago

UAE telco du Q2 net profit rises 1.3 pct

DUBAI, July 19 (Reuters) - Emirates Integrated Telecommunications Co (EITC), also known as du, posted a 1.3 percent rise in second-quarter net profit on Thursday, buoyed by an increase in fixed line revenue.

The United Arab Emirates’ No.2 telecom operator made a net profit after royalty of 453 million dirhams ($123.34 million) in the three months ended June 30, up from 447 million dirhams a year ago.

Revenue rose 2.9 percent to 3.4 billion dirhams, the company said.

Top line growth was supported by a 9.4 percent increase in revenue from its fixed line business, du Chief Executive Osman Sultan said, adding that its mobile revenue, which dropped 1.6 percent, was affected during the Muslim fasting month of Ramadan and Eid al-Fitr holiday.

The telecom company and its rival Etisalat have to pay the United Arab Emirates government a royalty tax on their revenue and profit. In the second quarter, du paid 528 million dirhams in royalties.

SICO Bahrain and EFG Hermes forecast du would make a quarterly net profit of 430.4 million dirhams and 428.7 million dirhams, respectively.

$1 = 3.6728 UAE dirham Reporting by Alexander Cornwell, Editing by Sherry Jacob-Phillips

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