Dubai – Mubasher: The net profits of Emirates Integrated Telecommunications Company (du) decreased by nearly 20.1% to AED 355.117 million during the first quarter (Q1) of 2020 from AED 449.463 million during the same quarter of 2019.

The company's revenues reached AED 2.988 billion in Q1-2020, down by 4.8% from AED 3.139 billion in the year-ago period, as shown by the company's consolidated financial results for the period ended on 31 March 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.08 during the first three months of 2020, versus AED 0.10 in the same three months of 2019.

Regarding the impact of the coronavirus (COVID-19) on the company's performance in the Q1-20, the company referred that the COVID-19 affected only the month of March 2020, according to a press release.

The company forecast that COVID-19 would have a stronger impact on the company's financial situation during the second quarter of 2020 due to lockdown and limited sale, tourism, and trade activities.

Commenting on the company's plan during the COVID-19, the CEO of du, Johan Dennelind, said: "Financially, we are taking proactive cost optimisation measures to manage the erosion of the revenues, which is being driven by a reduction in mobile and “other revenues”."

Dennelind added: "While we are taking the needed measure to manage effectively a difficult short term situation, we keep our eyes on the long term seeking to come out from the current situation stronger and to create long term value for our shareholders."  

Noteworthy to mention, on 14 April, the company's shareholders approved to distribute cash dividends of AED 0.21 per share for the second half (H2) of 2019.