(MENAFN) Etisalat, the Gulf's leading telecom operator, reported an 18 percent drop in third -quarter profit missing analyst's estimates as capital spending and operating expenses each rose by about a third, Arabian Business reported.
The UAE former monopoly, which operates in about 15 countries across the Middle East, Africa and Asia and is in exclusive talks to buy a controlling stake in Maroc Telecom , made a net profit of USD498.23 million in the three months to Sept. 30.
This compares with a profit of USD60 million a year earlier.
Third-quarter revenue was USD2.6 billion, up from USD2.1 billion a year earlier.
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