Ooredoo Profits Boosted by Asset Sales and Currency Fluctuations
Published on: 2nd May 2014
By: Ian Mansfield
Qatar based Ooredoo has reported its first quarter financial results and posted a decline in revenues although profits rose thanks to asset sales and foreign exchange gains.
The group saw revenues fall by 3.4 percent to QAR 8.1 billion, while net profit rose by 9.7 percent to QAR 887 million.
The customer base across its subsidiaries rose, by 6.3 percent to 96.7 million customers.
The company said that revenue decreased due to the challenging operating environment and depreciation of the Indonesian Rupiah compared to first quarter 2013; partially offset by strong growth in data revenue.
EBITDA fell by 8.5% to QAR 3.4 billion reflecting the current competitive challenges, FX impact and the investment in a new network in Myanmar.
Ooredoo Myanmar plans to launch its network by the third quarter of 2014 in Mandalay, Nay Pyi Taw and Yangon and within five years will provide voice and data services to 97% of the population.
Dr. Nasser Marafih, Group Chief Executive Officer of Ooredoo said: "Ooredoo's revenue in the first quarter of 2014 was driven by the increase in mobile and fixed data revenues across our markets. As we continue to invest in our broadband networks, Ooredoo is increasingly becoming a data-centric business which opens up a huge range of opportunity."