Qtel Q2 profit up after buying spree
Doha, September 14, 2008
Qatar Telecommunications Co (Qtel) saw net profit rise more than expected in the second quarter in the wake of an expansion spree designed to place it among the world's top 20 telecoms firms by 2020.
The state-controlled group posted second-quarter net profit of 654.5 million riyals ($179.9 million) on a 78 percent rise in revenue to 4.564 billion riyals.
In June, Qtel bought a 40.8 percent stake in Indonesia's second-largest mobile phone firm, PT Indosat. The group has expanded rapidly outside its home country into Kuwait, Iraq, Algeria and Oman and is said to be considering a bid for Iran's third mobile provider.
Qtel said it had consolidated Indosat's results from June and that it would consolidate Indosat's full quarterly results starting in the third quarter, which would provide a significant increase in revenue.
The group has grown quickly in the Middle East and North Africa, where population growth is strong and economies have expanded on the back of high energy prices. It aims to join the world's top 20 providers by the year 2020.
Quarterly profit was above the 540.01 million riyals forecast by an average of three analysts in a Reuters survey last month.
Qtel made profit of 1.18 billion riyals in the six months ended June 30, it said in a statement. It made a profit of 412 million riyals in the second quarter of 2007. - Reuters
More IT & Telecommunications Stories
- Menatelecom expands bill paying network
- Du joins new global cable consortium
- Kuwait moves to create telecoms watchdog
- Batelco backs Royal Fund for Martyrs
- Egypt's Global Telecom posts $749m Q4 loss
- Red Hat launches open source BPM suite
- Batelco announces new board
- Batelco offers improved broadband
- You don't own phone numbers, warns TRA
- Tech giants back top Qatar ICT event
- Du to provide wifi access in public areas
- Zain finalises $800m, five-year loan facility
- Ooredoo Q4 net profit falls 36pc to $140m
- Mobily, Etisalat team up for LTE roaming
- Batelco approves $84m dividends for 2013
- Etisalat Q4 profit rises 70pc to $394m
- Kenya telecom firm to join Etisalat SmartHub
- Aruba appoints new sales director
- Du enters $1.17 billion financing deals
- VIVA extends 4G LTE offer
- Batelco to update students with latest technologies
- Etisalat SmartHub seals IPX agreement
- Etisalat picks Alcatel for LTE network expansion
- Boeing, QCRI host machine learning forum
- Mobily provides 4G LTE international roaming
- Viva Kuwait, Huawei to set up innovation centre
- Etisalat, Airtel deal to boost network services
- Batelco offers 4G LTE backup solution
- Arbor unveils ‘Peakflow’ solution
- Etisalat launches enterprise mobility services