Ooredoo Q3 results badly affected by FX impact in Indonesia

Ooredoo has seen its third quarter profits plunge as the company was hurt by foreign exchange losses from its Indonesian subsidiary.

The company posted quarterly revenue that was down by 1.4 per cent at QAR8.5 billion (US$2.33 billion), and a net profit that fell by 58 per cent to QAR 337 million.

Excluding the Indosat impact, profits would have been flat year-on-year for the quarter.

Nasser Marafih, group CEO of Ooredoo said: "Ooredoo has continued to produce strong revenue growth in this period, with particularly impressive performances from Ooredoo Qatar, Nedjma and Asiacell."

Consolidated customers at the end of September came to 89.6 million, flat on the 89.2 million recorded at the end of the same period in 2012.

Excluding this foreign exchange impact, Ooredoo’s net profit to shareholders stood at the same level as in Q312, according to the operator, and increased by 12 per cent for the first nine months of 2013.