Sunday 29 April 2012

UPDATE 1-Qatar Telecom blames FX losses for Q1 profit drop | Reuters

Qatar Telecom 7010.SE (Qtel) on Sunday reported a 12 percent drop in first-quarter net profit, citing mainly foreign exchange losses, but the former monopoly still beat forecasts.

Qtel made a profit of 711 million riyals ($195.29 million) in the three months to March 31, down from 811 million riyals in the year-earlier period.

"Net profit during the period was adversely impacted by movement in the Indonesian currency," Qtel said in an emailed statement. "Net profit decreased mainly due to foreign exchange losses in (Indonesian subsidiary) Indosat."

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