July 29, 2018 / 5:36 PM / 4 months ago

Ooredoo Q2 profit plunges on challenges in Indonesia, Algeria

DUBAI, July 29 (Reuters) - 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.

Ooredoo said in a statement that challenging market conditions in Indonesia, Algeria, and a negative impact from foreign currency exchange rates in Myanmar had affected its overall performance in the first half of the year.

Its customer base fell by 19 million to 130 million in the second quarter, which Ooredoo said was due to new mobile registration requirements in Indonesia. ($1 = 3.6400 Qatar riyals) (Reporting by Alexander Cornwell; Editing by Adrian Croft)

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