Emirates Telecommunications posted a 58 % jump in second-quarter profit, boosted by the sale of a stake in its Saudi affiliate, a Reuters report said.

Etisalat, the largest Arab telecom firm by market value, said profit attributable to shareholders rose to 3 billion dirhams ($826 million) in the three months to June 30 from 1.89 billion dirhams ($514 million) a year earlier.

That beat two of three forecasts from analysts polled by Reuters last month, which ranged from 2.03 billion dirhams ($545 million) to 3.09 billion dirhams ($819 million), the Reuters report added.

The company sold part of its stake in Etihad Etisalat in April, reducing its shareholding in Saudi Arabia's second mobile phone operator to 26.25% from 35%.

"The sale of a stake in Mobily has generated an exceptional profit in the second quarter," Etisalat Chairman Mohammed Omran told Reuters.

Source:telecomasia.net