Vodafone Qatar, a venture between Vodafone Group LLC and state-controlled Qatar Foundation, said its full-year loss narrowed as revenue almost tripled.
The loss for the fiscal year to March 31 narrowed to 601 million riyals ($165 million) from 673.4 million riyals a year earlier, the company said in a statement on its website today. Revenue rose to 934.9 million riyals from 361.5 million riyals.
Vodafone Qatar broke a monopoly held by Qatar Telecom QSC, the Gulf Arab country’s largest company by revenue, when it began operations in 2009.
“We are excited about the year ahead, in which we plan to increase our network by 25 percent,” Acting Chief Executive Officer John Tombleson said in an e-mailed statement today.
Vodafone Qatar’s customer base grew 63 percent during the fiscal year and reached 756,767 subscriptions as of March 31, or about 45 percent of the population, according to the release. The company’s loss, measured before interest, tax, depreciation and amortization, narrowed to 27.1 million riyals for the year.
Vodafone Qatar (VFQS)’s shares increased 1.4 percent to 7.95 riyals today, trimming the drop for the year to 4.2 percent.
To contact the reporters on this story: Zahra Hankir in Dubai at email@example.com;
To contact the reporter on this story: Robert Tuttle in Doha, Qatar, at firstname.lastname@example.org