Oct. 21 (Bloomberg) -- Qatar Telecom QSC, the country’s biggest company by revenue, reported a 74 percent increase in third-quarter profit after its Indonesian unit completed a one-time sale of telecommunication towers.
Net income for the quarter rose 1.07 billion riyals ($290 million) from 616 million riyals a year earlier, according to an e-mailed release today from the company. EFG-Hermes forecast net income of 670 million riyals on Sept. 27, according to data compiled by Bloomberg. Revenue gained 6.2 percent to 8.63 billion riyals and the number of customers increased by 8.3 percent to 89.2 million.
Qtel, as the company is known, is expanding overseas amid competition in its home market from Vodafone Qatar, which began operations three years ago. Earlier this month, the company said it raised its stake in Kuwait’s National Mobile Telecommunications Co. to 92 percent from 53 percent.
PT IndoSat, a unit of Qtel, completed the sale and lease back of 2,500 towers to PT Tower Bersama Infrastructure for $406 million, according to an Aug. 6 statement.
Qtel’s EBITDA, or earnings before interest, taxes, depreciation and amortization, gained 3.6 percent to 3.865 billion riyals, according to today’s statement.
Qtel shares advanced 0.6 percent to 103.3 riyals on the Qatar Exchange before the financial results were announced. The company’s stock has gained 9.8 percent this year compared with a 2.7 percent loss for the QE Index of Qatari companies.
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