Sunday, Apr 29, 2012
DUBAI (Zawya Dow Jones)--Qatar Telecom Q.S.C. (QTEL.DO), which competes against Vodafone Qatar in the Gulf state, Sunday posted a 12% decline in first-quarter net profit to 711.4 million Qatari riyals ($195.4 million), on foreign exchange losses in the telco's Indonesian unit--Indosat.
However, the net profit exceeded analyst forecasts. Egyptian investment bank EFG-Hermes had predicted net profit of QAR554 million, while Kuwait-based Global Investment House had penciled in QAR644.4million.
Shares in Qtel , finished trading up 2.4% Sunday at QAR138.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
(END) Dow Jones Newswires
29-04-12 1513GMT
