Abu Dhabi-listed Etisalat reported an 8 percent fall in first-quarter net profit on Tuesday. Etisalat, which directly and indirectly operates in about 17 countries across the Middle East, Africa and Asia, made a net profit of 2.00 billion dirhams ($544.6 million) in the three months to Mar. 31, the company said in a statement. This compares with a profit of 2.18 billion dirhams a year earlier.
Analysts at EFG Hermes and SICO Bahrain forecast the former monopoly would post a quarterly profit of 1.93 billion dirhams and 1.99 billion dirhams respectively.
Etisalat said its lower profit was due to factors including higher depreciation expenses and foreign exchanges losses in the quarter against currency gains in the corresponding period of 2015.
The profit fall came despite Etisalat generating first-quarter revenue of 12.85 billion dirhams, 1 percent up from 12.73 billion dirhams a year earlier.
Etisalat had 165 million subscribers as of Mar. 31, down 1 percent from the same point a year earlier. It cited disconnections which were a result of mandatory registration schemes in various markets.
Etisalat appointed Saleh Abdullah al-Abdooli as chief executive in March, after former head Ahmad Julfar resigned for personal reasons earlier in the month.
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