Annual Revenue increases 157%
Emirates Integrated Telecommunications Company, or du, has reported a net profit before royalty of AED8m for the year ended December 31, 2008, compared to a net loss of AED885m in 2007.
For 2008, total revenues were AED3.95 billion, an increase of 157% compared to AED1.54 billion for 2007. Gross margin for 2008 increased to 64%, from 56% in 2007. EBITDA for 2008 reached AED368m, compared to an EBITDA loss of AED706m for 2007.
Net profit for the fourth quarter of 2008 was AED78 million, up from a net loss of AED147m in the same quarter of 2007.
Total revenues for the fourth quarter ended December 31, 2008 were AED1.23 billion, compared to AED640m in the same quarter of 2007. Gross margin for the fourth quarter of 2008 increased to 66% from 58% in the same quarter of 2007. EBITDA for the fourth quarter of 2008 was AED236m, compared to an EBITDA loss of AED79m in the same quarter of 2007.
Osman Sultan, CEO of du, said: In less than two years, du has made remarkable progress. Active mobile subscribers more than doubled year-on-year, with fixed line subscribers demonstrating strong growth.