Dubai – Mubasher: Emirates Integrated Telecommunications Company (DU) posted a 14.2% year-on-year drop in profits for the first quarter of 2019.

Net profits reached AED 444.81 million ($121.1 million) in Q1-19, compared to AED 518.51 million ($141.17 million) in Q1-18, according to the company’s statement to the Dubai Financial Market (DFM) on Tuesday.

Revenues of the telecom company plunged 5.7% to AED 3.14 billion in Q1-19, from AED 3.33 billion in the prior-year period.

Similarly, operating expenses retreated 4% year-on-year to AED 2.13 billion during the first three months of 2019, the statement said.

It is worth noting that the company’s total assets recorded AED 16.5 billion by the end of March.

During the full-year 2018, DU posted a 2.4% year-on-year increase in profits, recording AED 1.75 billion.