Reports net income of AED 355mn for the same quarter
Emirates Integrated Telecommunications Company (du) recently published its financial results for the three months ending 31 March 2020.
EITC reported revenues of AED 2.99bn (US$ 814mn) and a net income of AED 355mn (US$ 96.65mn) for the first quarter of the year, a company press release has revealed.
EITC was proactive in undertaking key initiatives to ensure the health and safety of its people, the continuity of its business, the ability of the network to cope with the increase of traffic to ensure connectivity for its consumer and businesses across the country, that rely on it in this very particular period of time, the press release indicated.
The impact of Covid-19 on the company’s financial situation for Q1 2020 was limited to the month of March 2020.
The Q1-2020 total revenues of AED 2.99bn represents a decrease of 4.8% year-on-year from AED 3.14bn in Q1-2019, driven by a contraction in mobile revenues and other revenues, which were partially offset by the continued growth in fixed revenues.
Q1-2020 Mobile revenues declined 9.3% year-on-year to AED 1.50bn impacted by lower voice revenues and a reduction in the prepaid customer base.
“Operationally and capacity wise, we are in a good position to continue to sustain the increase in data traffic on our network, and remain committed to maintaining our infrastructure deployment and investment plans accordingly,” commented Johan Dennelind, CEO, EITC.
