Telecom Lead Middle East: Qatar Telecom has posted 4.6
percent increase in revenue to 8.36 billion riyals in the second quarter of
2012.
The mobile operator recorded 11 percent decrease in net
profit to 641 million riyals ($176 million) in the second-quarter of 2012 from
722 million riyals a year earlier.
Adverse foreign exchange movement in Indonesia and
Algeria affected the telecom operator’s profit.
Operations in Kuwait were negatively impacted by stronger
competition in the quarter. The company is now offering to purchase shares it
doesn’t own in Kuwait’s National Mobile Telecommunications (Wataniya Telecom).
It submitted an offer document for approval from the Kuwait Capital Markets
Authority, which may lead to an offer for all the issued shares of Wataniya.
Qtel offered to pay about 640 million dinars ($2.3
billion) to purchase the stake. Wataniya competes with Zain, Kuwait’s largest mobile
phone operator.
At the end of the second quarter, the group’s customers
stood at 83.7 million, an 8 percent increase from a year ago. Qatar, Tunisia,
Iraq and Algeria maintained positive momentum from the previous quarter. Qtel’s
operations in Indonesia grew, while its Omani unit Nawras returned to positive
customer growth and stable revenue.
