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FINANCIAL NEWS
Qtel Q3 net profit down 13% to USD155.7m
31 Oct 2011
(MENAFN) Qatar Telecommunications (Qtel) said that due to seasonal promotions and losses on foreign exchange, net profit dropped 13 percent in the third quarter to USD155.7 million compared with USD179 million in 2010, reported Arab News.
The telecommunications company added that at the end of the quarter, customer base jumped 19.4 percent from last year’s same period reaching 82.4 million.
It also said that during the quarter, consolidated revenue went up to reach USD2.2 billion, compared with USD1.9 billion recorded in 2010’s third quarter.
It is worth noting that Qatar Telecommunications owns controlling stakes in Kuwait’s Wataniya and Oman’s Nawras.
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