Etisalat posts 16 percent rise in first-half profits

State-owned Emirati telecoms corporation Etisalat announced Sunday net profits of 1.71 billion dirhams ($465 million) in the first six months of this year, up 16 percent on the same period in 2003.
Total revenues for the first half of 2004 were 4.995 billion ($1.3 billion), up 12 percent on the corresponding period last year, a statement said.
Etisalat recorded a 17-percent rise in net profits last year to 2.458 billion dirhams while total revenues surged 15 percent to 9.225 billion dirhams.
The company has 1.163 million fixed lines, 3.308 million GSM users and 332,000 Internet subscribers.
According to the latest official figures, the United Arab Emirates' mobile and fixed-line penetration rates are 93 percent and 30 percent respectively.
Calls have been heard from the private sector in Dubai, which is promoting itself as a regional Internet and multi-media hub, for the government to break up Etisalat's monopoly to improve services and foster competition.