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FINANCIAL NEWS
Vodafone Qatar sees $185m loss in FY2009/10
16 May 2010
(MENAFN) Vodafone Qatar announced that it saw a $185.1 million net loss in its 2009/10 fiscal year, but said that its revenue was 26 percent ahead of plan.
The mobile operator said in a statement that it saw $99.29 million revenue for the year ended March 31, as the firm’s customer base soared to almost 465,000.
While the company’s customer numbers were 121 percent ahead of plan, revenue was 26 percent ahead of plan, the statement said.
Chief Financial Officer, John Tombleson, said that the firm will depend on its substantial customer base to drive up its future performance.
He added that the net loss of $184.96 million was entirely expected and is in-line with what was outlined in the IPO prospectus.
He explained that the amortization of the license fee started on the date the network was ready for service in May 2009, and was therefore not present in last yearÂ’s financial statements. The firm’s amortization of $2.11 billion license fee was a significant amount and represented a considerable portion of the company’s net loss to date, Tombleson said.
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