Du Q1 net profit slips 1.4pc as tax rate rises

26/04/2016 11:14 AST

Du, the UAE's No 2 telecom operator, reported a 1.4 percent fall in first-quarter net profit on Tuesday after it paid a higher rate of tax than a year earlier.

The firm, which ended rival Etisalat's domestic monopoly in 2007, had reported declining profits in the preceding five quarters according to Reuters data.

Du made a net profit of Dh480.1 million ($130.72 million) in the three months to March 31, down from Dh487.1 million in the year-earlier period, it said in a statement.

Analysts at EFG Hermes and SICO Bahrain forecast du would make a quarterly profit of Dh480.7 million and Dh501.6 million respectively.

First-quarter revenue was Dh3.09 billion, up 1.3 percent on a year ago.

For 2016, du will pay 15 percent of its regulated revenue - which excludes the likes of handset sales - and 30 percent profit of its regulated profit in royalties. These taxes are up from 12.5 and 30 percent respectively in 2015 and have steadily increased from 2012 onwards.


Reuters

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