Etisalat reports $680m quarterly net profit

United Arab Emirates-based operator Etisalat has announced a year-on-year profit increase of 26 per cent for the second quarter profit, with newly acquired Maroc Telecom a major factor in the improved performance.

Reuters said the figures released beat analysts’ estimates, with the company posting profits of US$680.7 million.

HumanIPO reported in May Etisalat acquired a majority shareholding in Morocco’s Maroc Telecom, purchasing a 53 per cent controlling stake from French telecom Vivendi for US$5.7 billion, with the purchase boosting its consolidated revenue for the second quarter and its subscriber base at June 30 by 27 per cent year-on-year.

Image courtesy of Shutterstock.

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