Du reports profit drop but ‘solid growth’

UAE-based service provider du reported a drop in Q4 profits, but said that its business had experienced a year of “solid growth,” in line with expectations.

Du said fourth quarter net profit was AED570 million (€113 million), up sequentially but down 43% year-on-year, while revenues climbed 8.3% compared with Q4 2012 to AED 2.87 billion. For the full year, net profit was up marginally at AED1.99 billion, while revenues grew 9.7% to AED10.80 billion.

Announcing the results, du chairman Ahmad Bin Byat said “we recorded near double digit growth by developing innovative propositions to meet the requirements of our rapidly evolving customer base, including a focus on providing high speed data.”