UAE's Etisalat Q2 profit rises 12% to $599 mln

UAE-based telecoms operator Etisalat on Tuesday said second-quarter 2018 net profit jumped 12.4 percent year-on-year to AED 2.2 billion ($599 million) from AED 1.95 billion, supported by increased subscriber base and reduction in capital expenditure.

The telco, which operates in 16 countries, reported revenues of AED 13.1 billion in Q2 2018 compared to AED 12.83 billion in the prior-year period, it said in a statement.

Consolidated capital spending declined six percent to AED 2.1 billion, while operating expenses rose 1.9 percent to AED 8.37 billion.

The group's H1 2018 net profit 6 percent year-on-year to AED 4.3 billion. Its global subscribers increased 4 percent YoY to 144 million, while the UAE subscriber climbed 3 percent YoY to 12.7 million.