Qtel net profits climb 44 per cent

15 September 2008
Qtel, the Qatari telecoms operator, has reported a 44 per cent increase in net profits for the first half of 2008 compared with the same period in 2007.

The company, which is the monopoly mobile and fixed-line operator in Qatar, generated QR1.4bn ($392.6m) in net profits in the six months to the end of June 2008, up from QR994m in the first six months of 2007.

Revenues rose at an even faster rate, reaching QR8.1bn for the first six months of the year, 102 per cent higher than the QR4bn achieved in the same period in 2007.

Qtel acquired a 51 per cent controlling stake in Kuwait's Wataniya for $3.7bn in March 2007. The Wataniya acquisition gave it operations in Algeria, Kuwait and Tunisia, in addition to its own businesses in Qatar and Oman.

A fuller statement outlining Wataniya's contribution to the group's results is due to be released within days.

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