Emirates Telecommunications Corp (Etisalat) posted on Sunday a decline of 8.5 percent in first-quarter net profit to 1.99 billion dirhams ($541.9 million), below analysts expectations. Etisalat made a net profit of 2.18 billion dirhams in the first quarter last year.
The results were below the average 2.25 billion dirhams net profit for the period which four analysts predicted the telecoms firm would achieve in a Reuters survey earlier this month.
The Arab world's second-largest telecom operator by market value did not give a reason for the decline in a statement announcing the results. An Etisalat spokesman was not immediately available for comment. Etisalat has faced increased competition in its home market after its monopoly was broken in 2007 by Dubai-based du.
The company is one of a number of Gulf Arab telecom operators that have expanded overseas after losing their monopolies at home. Net revenue for the quarter was up 5 percent, reaching 7.95 billion dirhams, the company said. Earnings per share in the quarter stood at 0.25 dirhams, the firm said in the statement, without providing a comparative.