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Ooredoo Q1 profit jumps 75pc to $244m

DOHA, April 28, 2016

Qatari telecom operator Ooredoo reported a 75 per cent rise in first-quarter net profit on Wednesday driven by foreign exchange gains from Indonesia and Myanmar.

The earnings of the former monopoly, which operates in about a dozen territories across the Middle East, Africa and Asia, have been volatile since mid-2013 when foreign exchange losses and plunging earnings from Iraq outweighed a strong domestic performance.

Ooredoo made a net profit of QR879 million ($241.44 million) in the three months to March 31, it said in a statement. This compares with a profit of QR501 million in the year-earlier period.

Analysts at EFG Hermes and SICO Bahrain polled by Reuters had forecast majority state-owned Ooredoo would make a quarterly profit of QR452.5 million and QR487 million respectively.

Ooredoo's consolidated first-quarter revenue was QR7.89 billion, versus QR8.04 billion a year ago.

The group's bottom line was significantly boosted by foreign currency gains in Indonesia and Mayanmar, Ooredoo said. It also reported strong growth in its subscriber base from the two countries.

In Qatar, the company's quarterly net profit rose 1 per cent to QR484 million.

In Iraq, Ooredoo unit Asiacell made a quarterly profit of QR31 million, down from QR49 million a year ago.

Ooredoo Kuwait -- majority-owned by Ooredoo and with operations in Algeria, Tunisia, the Maldives and the Palestinian Territories -- has already reported a 356 per cent rise in first-quarter profit to KD10.21 million. – Reuters




Tags: Foreign Exchange | profit | Ooredoo |

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