Qtel Quarterly Profits Jump 59%

Qatar Telecom (Qtel) has reported a 59% rise in Q2 profits of QAR 1.04 billion (US$286.8 million), while revenues rose by 30% to QAR 5.93 billion. The Group's EBITDA increased by 36 percent in H1 2009 over the same period last year, increasing to QAR 5.5 billion (H1 2008: QAR 4.0 billion).

The Group's consolidated customers stood at 52.2 million compared to 51.4 million in the second quarter of 2008.

Commenting on the results His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group said:  "We continue to concentrate on consolidating our position in key markets and maximizing efficiencies to ensure continuing profit growth for the benefit of all our stakeholders."

Qtel, partly owned by the Qatari government, in June raised $1.5 billion by selling bonds. Investors bid as much as $13 billion for the notes.

Posted to the site on 16th August 2009