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Dubai: The telecom operator du saw first quarter 2021 revenue and net profit drop from a year ago - but on a quarter-on-quarter basis, the gains are starting to show up.
Between January to end March, du recorded revenues of Dh2.88 billion (Dh2.99 billion in Q1-2020), while net profit was at Dh257 million (Dh355 million a year ago). But revenues were up 5.2 per cent from the October-December period, “reflecting gradual improvement in the general environment,” a statement said.
The net profit was up a more substantial 38.7 per cent when excluding the goodwill impairment charge in Q4-2020. du also got help from other revenues in the first three months, gaining 7.6 per cent year-on-year to AED 908 million. This came about from wholesale revenues, its ICT services, and “strong demand for the iPhone 12”.
Du posts Dh257m Q1 net profit
Waheed Abbas/Dubai
The telecom operator’s fixed revenues reached an all-time high of Dh663 million
Emirates Integrated Telecommunications Co.(EITC), also known as du, on Monday said that it posted a net profit of Dh257 million for the first quarter of 2021, as compared to Dh355 million for the same quarter last year, down by 27.6 per cent.
The UAE’s second telecom operator recorded Dh2.88 billion revenues for the quarter ended on March 31, 2021 as against Dh2.99 billion for the same quarter last year, drop by 3.67 per cent. Revenues grew for a third consecutive quarter-over-quarter as economic activity in the country continued to improve.
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