Vodafone Qatar posts narrower Q3 loss as revenue rises

January 31, 2017 11:22 am


* Q3 net loss QAR31 million vs QAR72m net loss year-ago

* Q3 total revenue QAR541m vs QAR537m year-ago

* Q3 total customers 1.47m vs 1.50m year-ago

Vodafone Qatar, an affiliate of Vodafone Group, reported a narrower third-quarter loss on Tuesday.

The telecoms operator made a net loss of QAR31 million ($8.3m) in the three months to Dec. 31, the company said in a release. That compares with a loss of QAR72m in the prior-year period.

Vodafone Qatar, whose financial year starts on April 1, has yet to make a quarterly net profit since ending state-controlled Ooredoo’s domestic monopoly in 2009 as the latter has fought hard to bolster its revenue share.

The firm, which halted a run of disappointing earnings performances by reporting a narrower second-quarter loss, reduced headcount by 10 percent in May, with some job cuts permanent, while other positions were reassigned to roles aimed at boosting mobile revenue streams.

The company’s total revenue reached QAR541m during the quarter, up from QAR537m during the same period a year earlier.

Total customers reached 1.47m during the quarter, down from 1.50m in the same period of last year.

Vodafone Qatar’s net loss in the nine months to Dec. 31 was QAR195m, it said in a bourse statement, compared to a loss of QAR286m in the same year-ago period. ($1 = QAR3.7492)

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By Reuters
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