Vodafone Qatar Q2 loss widens
DOHA, November 12, 2015
Vodafone Qatar, an affiliate of Vodafone Group, reported a widening second-quarter loss on Thursday as its revenue fell.
The operator made a net loss of QR113.6 million ($31.20 million) in the three months to September 30, Reuters calculated based on its half-year financial statement.
That compares with a loss of QR53.5 million in the prior-year period, according to Reuters calculations. Vodafone Qatar's financial year starts on April 1.
Two analysts had forecast Vodafone Qatar would make a quarterly loss of between QR90.0 million and QR102.2 million.
Vodafone Qatar has yet to make a quarterly net profit since ending state-controlled Ooredoo's domestic monopoly in 2009.
Vodafone Qatar's losses had been consistently diminishing, but that trajectory has faltered of late. Its losses have now widened for four straight quarters, year-on-year; a trend chief executive Kyle Whitehill told Reuters in September was due to a "significant slowdown in the market in terms of growth".
Vodafone Qatar generated revenue of QR528.1 million in its second quarter, versus QR559.2 million in the prior-year period, according to Reuters calculations. - Reuters