* Q4 profit 510 mln riyals vs 790.9 mln riyals a yr ago
* Q4 revenue 8.37 bln riyals vs 8.64 bln riyals a yr ago
* 2013 full year profit 2.58 bln riyals vs 2.94 bln riyals
(Adds reason for the profit drop)
By Matt Smith
DUBAI, March 4 Qatari telecom operator Ooredoo
posted a 36 percent drop in fourth-quarter net profit
on Tuesday as foreign exchange losses and start-up costs ahead
of its Myanmar launch weighed.
The former monopoly, which operates in countries across the
Middle East, Africa and Asia, made a profit of 510 million rials
($140.05 million) in the three months to Dec. 31, down from
790.9 million riyals in the year-earlier period, it said in a
Two analysts polled by Reuters forecast Ooredoo, which
changed its name from Qatar Telecom in February 2013, would make
a quarterly profit of between 547.2 million riyals and 841.5
Ooredoo's full-year net profit for 2013 was 2.58 billion
riyals, down from a profit of 2.95 billion riyals a year
Its earnings before interest, tax, depreciation and
amortisation (EBITDA), a key industry metric, was 14.6 billion
riyals last year, down 6 percent on 2012.
Ooredoo's EBITDA margin dropped to 43 percent from 47
percent over the same period.
The company said its EBITDA declined because of falling
revenue at its Indonesian unit Indosat, Myanmar start-up costs,
rebranding expenses and investments in improving its network in
Kuwait. Indonesia's rupiah fell 26 percent against the
dollar in 2013.
Last June, Ooredoo won one of two mobile licences on sale in
Fourth-quarter revenue was 8.37 billion riyals. This
compares with 8.64 billion riyals a year ago.
Annual revenue rose 1.1 percent to 33.9 billion riyals.
($1 = 3.6416 Qatar riyals)
(Reporting by Matt Smith; Editing by Yara Bayoumy and Louise