Middle East-based Etisalat suffers Asian knock to profits

Etisalat, a network operator with a rapidly growing market share in Nigeria, has had to reduce the value of its bussinesses in Pakistan and Sudan.

The United Arab Emirates-based telecom operator has blamed tough economic and political conditions for a poor last quarter performance, reports Reuters.

Etisalat operates in around 15 countries across Africa, the Middle East and Asia and HumanIPO reported in January its Nigerian network had surpassed 15 million subscribers having only launched in the country four years ago.

The Abu Dhabi firm has already written off US$827 million of its Indian business because of a poor 2011 fourth quarter and now US$645 million has gone in Pakistan and a further US$125 million in Sudan.

Overall, the company performed well in 2012 with a net profit of around US$1.8 billion, up from US$1.6 billion in 2011.

Posted in: Telecoms

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