Etisalat close to buying 26% Reliance stake

Posted by Bilal Ahmed On Monday, August 2, 2010 0 comments

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Etisalat reported a 21 per cent fall in second-quarter profits on Sunday

The Arab World's second-largest telecom operator by market value is now pursuing opportunities abroad.

Shares in Reliance Communications rose more than three per cent on Monday after a Financial Times report said that Emirates Telecommunication Corporation (etisalat) was close to buying a 26 per cent stake in the Indian firm. Shares in Reliance were up 3.3 per cent at Rs193.25 this morning, while the Mumbai market was down 0.2 per cent. On Sunday, etisalat reported a 21 per cent fall in second-quarter profits.

Etisalat1 300x187 Etisalat close to buying 26% Reliance stake

The Arab World’s second-largest telecom operator by market value, now pursuing opportunities abroad, said net profit fell to Dh1.9 billion in the quarter from Dh2.4bn a year ago, missing analysts’ expectations. It did not give a reason for the profit fall. Second-quarter revenue totalled Dh8.1bn, similar to a year ago, while subscriber levels, at 7.8 million in mobile and 1.28 million in fixed-line, were little changed from the first quarter.
source: Emirates Bussiness

Author: Bilal Ahmed

Bilal Ahmed is the Authour of Techpakora. He loves to know lattest info regarding telecom industry that is the reason for writting this Blog. If you like this article then post you valuable comments.You can follow him on Facebook and Twitter.

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