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Thu 31 Oct 2013 08:07 AM

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Qatari telco Ooredoo's Q3 profit plunges on FX loss

58% losses mainly due to losses at its Indonesian affiliate Indosat as the rupiah fell sharply against the dollar

Qatari telco Ooredoo's Q3 profit plunges on FX loss

Net profit at Qatari
telecoms company Ooredoo plunged in the third quarter mainly because of foreign
exchange losses from its Indonesian affiliate Indosat, the company said on
Wednesday.

Profit fell 58 percent to QAR337m ($92.6m), from QAR804m in the same period a year earlier.
Indonesia's rupiah fell sharply during the quarter, from around 9,900 against
the US dollar to about 11,500.

Analysts polled by Reuters had expected only a 12
percent drop in Ooredoo's third-quarter profit.

Excluding foreign exchange factors, net profit for
the third quarter of this year would have been flat from a year earlier, the
company said.

Consolidated revenue in the third quarter fell 1.4
percent to QAR8.51bn.

For the first nine months of this year, net profit
dropped 4.0 percent to QAR2.07bn, while revenue rose 2.6 percent to
QAR25.65bn. Operations in Qatar, Algeria and Iraq performed well
while conditions were challenging in Kuwait and Tunisia, the company said.

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