- Profit and revenue decline at Ooredoo
- Challenging market conditions in Iraq, Kuwait, Tunisia and Indonesia blamed for fall
- Number of customers increases
Qatar-based telecoms firm Ooredoo has reported a decline in profit and revenue in 2014, partly as a result of the roll-out of new international services.
The companys expansion last year did increase the number of customers by 12 per cent to reach a total 107 million.
Ooredoo posted net profits of QR2.1bn ($576.7m) in 2014, marking a 17 per cent decline compared with the previous year. Revenue declined to QR33.2bn, a 2 per cent fall compared with 2013.
Challenging market conditions in Iraq, Kuwait, Tunisia and Indonesia were blamed for the decrease as were start-up costs incurred by setting up new operations.
In mid-2014, the company launched its network in Myanmar, becoming the first international operator to begin commercial services in the country.
The new operations generated revenue of QR189m, but overall recorded a net loss of QR531m. By the end of the year, Ooredoo Myanmar had attracted 2.2 million customers.
Ooredoos Iraq operations struggled due to the worsening security situation in the country and the heightened levels of competition in the market. Revenue in Iraq fell to QR6.3bn, a decline of 11 per cent.
Ooredoos home market in Qatar saw revenue grow by 8 per cent to reach QR7.2bn.
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