Abu Dhabi - Mubasher: Emirates Telecom Group (Etisalat UAE) has revealed the financial results of the fourth quarter of 2017.

Etisalat reported a decline in profits by 24.16% in Q4-17 to AED 910 million ($247.7 million), from around AED 1.2 billion ($326 million) in the same period for the year before.

Annual return on equity for last year rose 0.23% to AED 8.44 billion from 8.42 billion, according to the company’s statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

The group revenues also decreased by 1.33% to AED 51.66 billion from AED 52.36 billion in 2016.

The decline in the company’s profits were attributed to the Egyptian pound (EGP) to the Emirati dirham (AED).