Etisalat books $769 million charge on international units

Etisalat books $769M charge on international units

20 FEB 2013
etisalat

UAE operator Etisalat has taken an AED2.83 billion ($769 million) impairment charge on its international units, citing political and economic conditions as the cause. Of this total figure, AED2.37 billion was the writedown in value of the operator’s Pakistani unit.

The charge had an impact on the operator’s fourth quarter 2012 results. Etisalat reported a Q4 net profit of AED854 million, according to Reuters. However, the figure still represents growth from a AED704 million net profit in the same period in 2011.

The operator’s full-year net profit was AED 6.74 billion, an increase from the AED5.84 billion in 2011.

PTCL is Pakistan’s third largest mobile operator and also offers fixed services. According to Wireless Intelligence figures, the mobile operator had 24 million subscribers at end-Q4, 2012.

Etisalat reported a 2012 net profit of AED6.74 billion, an increase from the AED5.84 billion in 2011.

Fourth-quarter revenue was AED8.48 billion, a three per cent increase on the same period in the previous year. Full-year revenue was AED32.7 billion, a two per cent increase on 2011.

The company also took a smaller writedown of AED459 million in its Q4 2012 results in relation to its fixed-line operations in Sudan.

In 2012, Etisalat took a writedown of AED3 billion in the value of its Indian operations in its fourth quarter 2011 results.

Over the past year, the company has been trying to focus on high growth markets such as Egypt where subscriber numbers have increased rapidly.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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