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Sat 15 May 2010 01:45 PM

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Vodafone Qatar reports $185m annual loss

In the last quarter of the financial year, Vodafone Qatar's customer base grew 32%.

Vodafone Qatar reports $185m annual loss
(Getty Images)

Mobile operator Vodafone Qatar reported a net loss of 673.4 million riyals ($185.1 million) in its 2009-10 fiscal year, but said its revenue was 26 percent ahead of plan.

The Vodafone unit, which listed on the Qatari bourse in July 2009, posted a revenue of 361.5 million riyals for the year to March 31 as its customer base surged to almost 465,000.

"Whilst Vodafone Qatar's customer numbers are 121 percent ahead of plan ..., revenue is 26 percent ahead of plan," the company said in a statement.

The operator had posted a net loss of 132.9 million riyals in the previous year, but the statement said the amortisation of a licence fee, which had hit 2009-10 results, was not included in the previous year's figures.

"The amortisation of the 7.7 billion riyal licence fee is a significant amount and represents a considerable portion of the company's net loss to date," it said.

Vodafone won the bid for Qatar's second mobile telephone licence for $2.12 billion in 2007, to break the monopoly of Qatar Telecom in the world's largest liquefied natural gas exporter.

Its shares, which have gained about 8 percent this year, closed at 9.05 riyals on Thursday, before the Friday-Saturday weekend. (Reuters)

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