Emirates Telecommunications Corp (Etisalat) posted a 58 percent jump in second-quarter profit on Monday, topping most analysts forecasts as it profited from the sale of a stake in its Saudi affiliate. Etisalat, the largest Arab telecom company by market value, said profit attributable to shareholders rose to AED3 billion ($817 million) in the three months to June 30 from 1.89 billion a year earlier. The company sold part of its stake in Etihad Etisalat (Mobily) in April, reducing its shareholding in Saudi Arabia's second mobile phone operator to 26.25 percent from 35 percent and generating a profit of AED1.78 billion. The sale of a stake in Mobily has generated an exceptional profit.
