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Vodafone Qatar cuts its losses

Telco inches towards profitability, revenues up 31% in Q2

IT Business, Operators, Telecoms, Financial news, Vodafone Qatar

Vodafone Qatar posted a net loss of QR85m ($23m) in the second quarter of the year. This was an improvement of 28% compared to the same quarter last year.

Quarterly profit before interest, tax, depreciation and amortisation reached QR99m, an increase of 92%, year on year.

The telco posted revenue of QR459m in Q2, a rise of 31% growth over the same quarter last year, and 5.5% growth over the previous quarter.

Vodafone Qatar increased its mobile subscriber base by 31%, year on year, at the end of the second quarter, giving it a total of 1.1m mobile customers.

Mobile average revenue per user (ARPU) was stable at QR123.

"Revenue for the quarter grew by 31%, year on year, driven by a combination of continued strong customer growth and a stable ARPU, which resulted in a near doubling of EBITDA over the same period last year," said Steve Walters, CFO, Vodafone Qatar.