Home Industry Telecoms Qatar’s Ooredoo Q3 profit falls 51% After a period of volatile profitability, the firm had reported rising profits in the previous four quarters by Reuters October 31, 2016 Follow us Follow on Google News Follow on Facebook Follow on Instagram Follow on X Follow on LinkedIn Qatari telecom operator Ooredoo reported a 51 per cent fall in third-quarter net profit on Sunday. The earnings of the former monopoly, which operates in about a dozen territories across the Middle East, Africa and Asia, have been hit from mid-2013 by foreign exchange losses and plunging earnings from Iraq, although a strong domestic performance has helped mitigate the impact. After a period of volatile profitability, the firm had reported rising profits in the previous four quarters. Ooredoo made a net profit of QAR370m in the three months to September 30, it said in a statement, compared with a profit of QAR755.8m in the year-earlier period. The average forecast of three analysts polled by Reuters was for a quarterly profit of QAR499.3m. Ooredoo’s consolidated third-quarter revenue was QAR8.35bn, versus QAR8.16bn a year ago. In Qatar, the company’s nine month net profit rose 2 per cent to QAR1.6bn. In Iraq, where parts of the country have been under the control of militant group Islamic State, Ooredoo unit Asiacell made a nine month profit of QAR79m, down 48 per cent from a year ago. 0 Comments