Qatar Telecom QSC (QTEL), the country’s biggest company by revenue, reported a 74 percent increase in third-quarter profit after its Indonesian unit completed a one- time sale of telecommunication towers.
Net income for the quarter rose 1.07 billion riyals ($290 million) from 616 million riyals a year earlier, according to an e-mailed release today from the company. EFG-Hermes forecast net income of 670 million riyals on Sept. 27, according to data compiled by Bloomberg. Revenue gained 6.2 percent to 8.63 billion riyals and the number of customers increased by 8.3 percent to 89.2 million.
Qtel, as the company is known, is expanding overseas amid competition in its home market from Vodafone Qatar (VFQS), which began operations three years ago. Earlier this month, the company said it raised its stake in Kuwait’s National Mobile Telecommunications Co. to 92 percent from 53 percent.
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