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FINANCIAL NEWS
Qtel posts $330m profit in Q1
22 Apr 2010
(MENAFN) Qatar Telecom (Qtel) announced its first quarter earnings with $329.8 million net profit, which is more than double the figure reported in the same quarter a year earlier, Gulf Daily News reported.
The company said that the hike in quarterly profits was mainly due to growth in overseas markets. Qtel spokesman said that expected competitive pressure in Qatar was offset by growth in other markets, particularly Tunisia, Iraq, Algeria and Oman.
Qtel, which operates in 17 countries, has expanded rapidly abroad aiming to cushion the loss of its monopoly after Britain’s Vodafone entered the Qatari market.
The spokesman pointed out that Qtel has been focusing on acquisitions in the Middle East and North Africa region, the Indian subcontinent as well as south east Asia, and the firm will continue to be looking for acquisitions throughout 2010.
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