Qatar Telecom QSC, the nation’s biggest phone company, said second-quarter profit dropped 11 percent because of “adverse foreign exchange movement in Indonesia and Algeria.”
Net income fell to 641 million riyals ($176 million) from 722 million riyals a year earlier, the Doha-based company said in an e-mailed statement today. EFG-Hermes Holding SAE estimated a profit of 713 million riyals, according to data compiled by Bloomberg. Revenue rose 4.6 percent to 8.36 billion riyals in the quarter.
Qatar Telecom, which owns stakes in phone companies from Tunisia to Indonesia, is seeking to expand outside its home market, where it faces competition from Vodafone Qatar. (VFQS) The Doha-based company reached agreements in May to double its holding in Asiacell, a mobile operator in Iraq, for $1.47 billion. It teamed up with Princesse Holding of Tunisia in 2010 to buy Orascom Telecom Holding SAE (ORTE)’s 50 percent stake in Telecom Tunisie for $1.2 billion.
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