Qatar's Ooredoo sees Q2 net profit plunge on Iraq, forex 7/29
Qatar's Ooredoo sees Q2 net profit plunge on Iraq, forex
Qatari telecom operator Ooredoo reported a 39 percent fall in second-quarter profit on Wednesday, its sixth decline in eight quarters as foreign exchange losses and plunging earnings from war-torn Iraq outweigheld a strong domestic performance.
The former monopoly, which operates in about 13 territories across the Middle East, Africa and Asia, made a net profit of 501 million riyals ($137.6 million) in the three months to June 30, it said in a statement.
This was down from 817 million riyals in the year-earlier period.
Two analysts polled by Reuters had forecast majority state-owned Ooredoo would make a quarterly profit of between 565 million riyals and 592 million riyals.