Telecom operator reverse recent trend by making net profit of nearly $99m in three months to Dec 31
Qatari telecom operator Ooredoo reported a 555 percent rise in fourth-quarter net profit on Wednesday.
The former monopoly, which operates in about a dozen territories across the Middle East, Africa and Asia, had reported declining profits in six of the preceding nine quarters as foreign exchange losses and plunging earnings from conflict-torn Iraq outweighed a strong domestic performance.
Ooredoo made a net profit of 360 million riyals ($98.88 million) in the three months to Dec. 31, it said in a statement.
This compares with a profit of 55 million riyals in the year-earlier period.
An analyst at SICO Bahrain polled by Reuters had forecast majority state-owned Ooredoo would make a quarterly profit of 465 million riyals.
The company's board has recommended paying a 2015 cash dividend of 3 riyals per share. This compares with a payout of 4 riyals per share for 2014.
Fourth-quarter revenue was 7.97 billion riyals. This compares with 8.37 billion riyals a year earlier.
Ooredoo made a net profit of 2.12 billion riyals in 2015, near-flat versus its profit of 2.13 billion riyals in 2014.