Etisalat reported a 22 per cent rise in third-quarter net profit on Wednesday, missing analysts' estimates despite the UAE telecom firm's acquisition of a majority stake in Maroc Telecom bolstering its bottom line.

The former telecom monopoly, which operates in 19 countries across the Middle East, Africa and Asia, made a net profit of Dh2.22 billion ($598.97 million) in the three months to September 30.

This compares with a profit of Dh1.83 billion in the year-earlier period.

Analysts polled by Reuters on average forecast Etisalat, the Gulf's No 2 telecom operator by market value, would make a quarterly profit of Dh2.65 billion.

Quarterly revenue was Dh13.2 billion ($3.62 billion), up from Dh9.59 billion a year earlier.

Almost half of Etisalat's third-quarter revenue came from its international operations, up from 35 per cent in the year-earlier period.

This rise follows Etisalat's purchase of a 53 per cent stake in Maroc Telecom for €4.14 billion in May. Former monopoly Maroc Telecom also has operations in Gabon, Mauritania, Burkina Faso and Mali. - Reuters