Vodafone Qatar Q1 loss narrows
Doha, July 14, 2011
Vodafone Qatar on Thursday said its first-quarter loss narrowed as mobile subscriber numbers rose, while the carrier also named a new chief executive.
The firm made a loss of 122.3 million riyals ($33.59 million) in the three months ending June 30, compared with a net loss of 148.1 million riyals a year earlier, it said in a statement. Two analysts forecast a first-quarter loss of between 137 million and 143.5 million riyals.
Revenues rose 65 percent to 290.6 million riyals, while earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months ending June 30 was 31 million riyals. Vodafone Qatar's financial year starts on April 1.
"Achieving continued EBITDA success is very important as this is a key factor in our ability to pay dividends to our shareholders," said John Tombleson, acting chief executive, adding the carrier was on track to pay dividends in the financial year ending March 31, 2013.
The carrier, which ended Qatar Telecom's domestic monopoly in 2009, had 761,000 subscribers as of June 30, up 43 percent from a year earlier, allowing it to claim a 23.4 percent share of Qatar's mobile revenues.
Richard Daly will become chief executive on September 4, the firm said in a separate statement, while Steve Walters has been appointed chief financial officer, effective from October. Former CEO Grahame Maher died in November. - Reuters
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