H1 profit of $1.25 billion posted by UAE telecom giant

H1 profit of $1.25 billion posted by UAE telecom giantSaturday saw UAE telecom giant Etisalat posting first half profits of 4.593 billion dirhams (1.25 billion dollars), thereby proving that the company has successfully dealt with global economic slowdown.

It was agreed that the net profits were down on the headline figure of 5.045 billion dollars (1.37 billion dollars) posted for the same period of last year.

However, it was noted that the unusual income of 892 million dirhams from the sale of shares in Saudi mobile operator Mobily had inflated the figures.

The company believes that the 2008 first half figure stands at 440 million dirhams, or 11 percent lower than this year's, if profits from that sale are excluded.

The firm specified that first half revenues were 10 percent up on the same period of 2008, at 14.744 billion dirhams (4.01 billion dollars). Moreover, its assets also increased seven percent to 67.245 billion dirhams (18.32 billion dollars).

According to the company's chairman Mohammad Omran, "The financial results for the first half of 2009 reflect that Etisalat was not directly affected by the global financial crisis."

He added: "We have reduced our operational expenditure in the period and have become even more selective in choosing our international investments. We are achieving this by making use of the current financial environment and searching for positive opportunities that arise during these times."