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FINANCIAL NEWS
Qatar Telecom reports USD294m profit in Q3
22 Oct 2012
(MENAFN) Qatar Telecom (Qtel) posted 74 percent higher quarterly profits, on the sale and leaseback of towers in Indonesia and higher domestic revenue, Reuters reported.
The company said it made USD294 million net profit during the third quarter from a year earlier, while revenue grew by 6 percent to USD2.37 billion.
Qtel, which operates in 16 countries, gained a one-off boost to profit, as it completed a sale and leaseback agreement worth USD406 million with Tower Bersama Infrastructure (TBIG) in Indonesia in August.
Earlier this month, the company unveiled plans to increase its shareholding in Wataniya, Kuwait’s No.2 operator, to 92.1 percent.
Pending regulatory approval, the stake increase will give Qtel more control of subsidiaries in high growth markets in Algeria and Tunisia.
Qtel’s Omani unit (Nawras) reported a 47 percent decline in third quarter earnings due to weaker revenue from its SMS and higher network maintenance costs.
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