Etisalat Q3 profit at Dh1.72 billion

UAE telecoms operator Etisalat reported a 1 per cent fall in third-quarter profit as operating costs rose faster than revenues.      

The Gulf's largest telecoms carrier by market value made a profit of Dh1.72 billion ($468 million), compared with a profit of Dh1.74 billion in the same period a year ago.     

Analysts polled by Reuters on average expected the firm to post a quarterly profit of Dh1.71 billion.

Etisalat, which unveiled its long-term evolution (LTE) high-speed network in September, said revenues increased by 8.6 per cent to Dh8.04 billion in the quarter, up from Dh7.4 billion a year earlier.

Yet operating expenses rose 22.3 per cent over the same period.      

The 18-country operator's shares ended Monday at a 13-month low of Dh9.99.