du sees 42% increase in profit from last year’s quarter.
UAE’s thriving second telcom provider, the Emirates Integrated Telecommunications Company (aka du) has reported a net profit of AED 275 million for the second quarter of 2010 versus AED 115 million in the same quarter last year, more than doubling its profit and surpassing issued forecasts. This represents an 42% increase in profits over the previous quarter by AED 194 million.
du also saw an increase in its subscriber base. Around 182, 100 net active mobile subscribers were added during the quarter, taking the total at quarter end to 3.92 million. The fixed line subscriber base also grew from 328,600 lines in Q2 2009 to 499,900 lines in Q2 2010, with 43, 200 lines added during the quarter.
“This quarter marks an important milestone for du. The success of our recent rights issue, raising AED 1 billion to fund our growth plans, provided a clear message from our shareholder base that the management team and the strategy in place has strong ongoing support. The company’s enchanced capital structure will also provide us with access to a wider range of funding options to support our growth plans into the future, building a competitive, mature telecommunications business. We see a great deal of opportunity and are now in an even stronger position to build on the successes we have achieved to date.” Ahmad Bin Byat, Chairman of du, said.