DUBAI: Etisalat, the UAE’s biggest telecoms operator by revenue and subscribers, fell short of analysts’ expectations with a 70 percent rise in fourth-quarter net profit.

Etisalat, which operates in about 15 countries across the Middle East, Africa and Asia, made net profit of AED1.45 billion ($394.77 million) in the three months to Dec. 31, according to Reuters calculations.

Analysts polled by Reuters gave a consensus forecast of fourth-quarter profit of AED2.17 billion.

Etisalat’s 2013 full-year net profit rose to AED7.08 billion from AED6.74 billion a year earlier.

The result was hit by impairments charges of AED1.37 billion.

About half of the total related to loans to “related parties,” the company said, without providing more details.

The company proposed a cash dividend of AED0.35 per share for the second half of 2014.