Du announce profits

Telecom operator defies predictions and turns a profit

UAE mobile operator Du said it recorded a net profit for the first time in 2008, beating the expectations of many analysts who had predicted the company would take more than two years to enter profitability.

Du made a net profit before Royalty of Dhs8million ($2.18million) for the full year 2008, compared with a net loss of Dhs885 million ($240 million) in 2007, with strong fourth-quarter results helping push the company into the black.

The company managed to add 628,000 mobile customers during the fourth-quarter, with total revenues reaching Dhs1.1 billion ($334 million), nearly double the figure for the same period in 2007.

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