Qatar Telecommunications (Qtel) has reported 13% and 18% year-on-year drops in its third-quarter and nine-month consolidated net profits to QAR567 million (USD156 million) and QAR2.0 billion respectively, attributing the fall to price promotions introduced to fight tough competition alongside foreign exchange losses. The drop in profitability came despite group-wide revenues increasing year-on-year by 16.6% to QAR8.13 billion in July-September 2011 and by 16.8% to QAR23.6 billion in the first nine months of the year
Original post:
OVETEL Qtel profits down 13%, 18% in Q3, 9M periods
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