Qtel Group's net profit down by 11.3% in Q2
Earnings hit by foreign exhange movements in Indonesia and Algeria
Qatar's Qtel Group posted a net profit of QAR 641 million ($176m) in the second quarter of the year, which marked a decline of 11.3% on the same period in 2011.
The telco said that its earnings were hit by adverse foreign exchange movements in Indonesia and Algeria. The operational results, excluding foreign exchange impact, showed growth of around 9%, Qtel said in its earnings statement.
The telecom group, which has operations in countries including Iraq, Algeria and Oman, posted revenues of QAR8.3 billion for the second quarter, an increase of 4.6% compared with last year.
The operator's subscriber base reached 83.7 million across all of its markets, a rise of 8% on the second quarter of 2011.
Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Qtel Group, said the company had made "good progress" in the first half of the year. "Our strategic path remains clear. We have continued our strategy to invest in markets where we see growth potential. In Iraq we have set out a way forward to increase our Asiacell stake. The growth strategy was supported through our highly successful Rights Issue, retaining the confidence and trust of our shareholders and securing QAR 6.8 billion in funding," he said.
Dr. Nasser Marafih, CEO, Qtel Group, added: "We saw strong revenue and EBITDA performance for the Group in the first half of the year. In the face of increasing competition, we are fully aware that our success in the near and far term will depend on delivering exceptional service to our customers, a focus on our operations, and from targeted investments in new opportunities."
In its home market, Qtel competes with Vodafone Qatar, which released its Q2 results last week.