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du posts Q1 net profit

Revenue increased 54% to AED1.16 billion

By CBR Staff Writer

Emirates Integrated Telecommunications Company, which is also known as du, has reported that net profit was AED23.37m, or earnings per share of AED0.0058, for the first quarter ended March 31, 2009, compared to a net loss of AED61.66m, or loss per share of AED0.0154, for the same quarter of 2008.

For the first quarter of 2009, profit before royalty was AED46.74m, compared to a loss of AED61.66m for the same quarter of 2008. Revenue for the first quarter of 2009 was AED1.16 billion, an increase of 54%, compared to AED756.42m for the same quarter of 2008.

Gross profit for the first quarter of 2009 was AED775.53m, compared to AED464.52m for the same quarter of 2008. Gross margin for the first quarter of 2009 was 67%, up from 61% in the corresponding quarter of 2008.

For the first quarter of 2009, earnings before interest, tax, depreciation and amortization was AED159m, compared to AED2m in the first quarter of 2008.

Ahmed Bin Byat, chairman of du, said: With significant year-on-year revenue growth translating into uplift in gross margin, these results are testament to du’s strong performance. In the first quarter of 2009 we have continued to build upon our considerable success in 2008 and I firmly believe that the company is well positioned to prosper throughout 2009 and into 2010.

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