Qatar Telecom QSC, which provides telecommunications services in 17 countries from Asia to Africa, reported a 45 percent decline in second-quarter profit after a one-time gain from license-fee changes wasn’t repeated.
Net income fell to 571 million riyals ($157 million) from 1.04 billion riyals a year earlier, the company said in an e- mailed statement today. Profit in the second quarter of last year “was higher due to one-off items including a reversal of a provision resulting from the positive outcome of the Ministry of Communication license fee decision in Kuwait,” it said.
Middle East telephone companies such as Qatar Telecom, also known as Qtel, and Emirates Telecommunications Corp. of the United Arab Emirates are expanding in Africa and Asia to win new customers as competition in their home markets increase. Qtel currently faces competition from Vodafone Qatar, a venture between Vodafone Group Plc and state-controlled Qatar Foundation, in the gas-rich Gulf country.
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