Etisalat Q1 revenues 'positive'
Dubai, April 4, 2009
Emirates Telecommunications Corporation (Etisalat) has suffered no impact from the global financial crisis and expects to post positive first-quarter revenue figures, its chief executive said.
'The corporation did not observe any negative effect of the financial crisis on its first-quarter revenues this year. The first quarter revenues are positive,' Mohammed Al Qamzi said in comments carried by the official WAM news agency on Saturday.
Etisalat's finances had been affected by fluctuations in major foreign currencies such as the euro, however, and the operator would be selective in its foreign investments, he said.
Etisalat, the second-largest Arab telecom operator, posted a Dh19.3 per cent decline in fourth-quarter net profit to Dh1.42 billion, missing analysts' forecasts.
Three analysts surveyed by Reuters forecast Etisalat's first-quarter profits would rise an average 2.4 percent.-Reuters