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Etisalat Revenue, Income May Drop in Q3: Al Mal
DUBAI — Emirates Telecommunications Corp. or Etisalat, the UAE’s biggest telecommunications company, could see its revenue in the third quarter slashed by 9.9 per cent from the previous quarter due to a decline in population, and increasing competition from rival Emirate Integrated Telecommunications Company or du, Al Mal Capital said.
Etisalat’s revenue in the third quarter may drop from a year ago to Dh6.87 billion, as the easing population in turn, led to a 0.7 per cent drop in active mobile subscriber number.
The brokerage said it projected Etisalat’s net income in the third quarter to go down by 7.8 per cent from the second quarter to Dh2.22 billion, and lower by 4.4 per cent from the year before. “The top line will also be impacted by the seasonal effects of summer (lower tourism), Ramadan, and less business travel due to the current economic climate,” said Irfan Elllan, equity research analyst said in a note to clients.
Al Mal Capital said that while it expected Etisalat’s third quarter results to reflect the impact of a less populated UAE, and growing competition from du, “the worst is behind Etisalat.”
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