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Iraq’s Asiacell reports 34% drop in Q1 profits

June 2, 2014 9:27 am

Iraq’s second-biggest mobile phone network operator by subscribers, Asiacell has reported a 34% drop in first-quarter net profit, blaming increased competition. The company, a unit of Qatar’s Ooredoo, made a net profit of ID102bn ($88m) in the three months to March 31, down from ID155.2bn in the same period last year, it said. “Fierce competition continued to dominate the Iraqi mobile telecoms market during the first quarter of 2014,” Asiacell’s chairman Faruk Rasool said. “We realise the market is going through a regular phase of high competition that should settle in the short to medium term.” Quarterly revenue fell by 9.4% to ID512.9bn, despite a 4.9% rise in Asiacell’s customer base, which stood at 10.8m subscribers at the end of March.