DUBAI: Etisalat, the Gulf's No.1 telecom operator, reported an 18 percent drop in third-quarter profit on Monday, missing analysts' estimates as capital spending rose by more than a third.
The UAE former monopoly, which operates in about 15 countries across the Middle East, Africa and Asia, made a net profit of 1.83 billion dirhams or $498.23 million in the three months to Sept. 30, according to a statement to Abu Dhabi's bourse.
This compares with a profit of 2.21 billion dirhams a year earlier.
Analysts polled by Reuters on average forecast Etisalat would make a quarterly profit of 1.96 billion dirhams.
Quarterly revenue was 9.59 billion dirhams, up from 8.25 billion dirhams year earlier.
Consolidated capital spending rose 39 percent in third quarter to 1.3 billion dirhams, compared with the year-earlier period, Etisalat said. (Reuters)