Q-Tel’s net profits down slightly in 1Q 2003
Qatar Telecom (Q-Tel) recorded a net profit of 268 million Qatari riyals ($73.6 million) in the first quarter of 2003 compared with QR 269 million during the same period of 2002. The company attributed the drop to a price reduction of major services in order to be in line with market prices.
The company recorded an 11 percent revenue increase in the first quarter of 2003, reaching 470 million Qatari riyals compared to QR 423 million during the same period in 2002.
Expenses for the first quarter of 2003 rose by 23 percent to QR 202 million. The most notable increase within this was General and Administration expenses, which increased by 85 percent reflecting the continued investment in the Q-Turn transformation program and also promotional activities.
Q-Tel’s GSM subscriber base increased by 55 percent to 286,500, which resulted in a 27 percent increase in wireless revenue compared with the same period last year. Postpaid subscribers increased by 20 percent, over the 12-month period between March 2002 and March 2003, a net increase of 21,000, whilst prepaid subscribers increased by 103 percent, a net increase of 80,000. Internet expanded its subscriber base to 19,800, a 40 percent increase over the 12-month period. — (menareport.com)
© 2003 Mena Report (www.menareport.com)