Ooredoo Q2 profit falls

Qatar-based telecommunications group Ooredoo reported a 60 percent decline in second quarter profit on Sunday, citing challenging conditions in Indonesia, Algeria, and Myanmar.

Ooredoo, which operates in 10 countries in the Middle East, North Africa and Southeast Asia, made a net profit attributable to shareholders of 203 million riyals ($55.8 million) compared to 513 million riyals in the same period a year ago.

It was the second consecutive quarterly profit decline for the company and below SICO Bahrain’s forecast of 431 million riyals in net profit and EFG Hermes’ forecast of 250.9 million riyals.

Second quarter revenue fell 8 percent to 7.5 billion riyals. (RTRS)