Vodafone Qatar saw reduced Q1 losses

vodafone-qatar

Vodafone Qatar posted first-quarter 2011 losses of US$33.59 million but they were less than a year ago as the number of mobile subscribers increased.

The first quarter losses were lower than the US$40.62mn losses made in the same period last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months ending June 30 was US$8.5mn. Vodafone Qatar's financial year starts on April 1.

Revenues rose 65 per cent to US$79.7mn giving the telecom carrier a 23.4 percent share of Qatar's mobile revenues.

"Achieving continued EBITDA success is very important as this is a key factor in our ability to pay dividends to our shareholders," said John Tombleson, acting chief executive.

The carrier, which ended Qatar Telecom’s domestic monopoly in 2009, had 761,000 subscribers as of June 30, up 43 per cent from a year earlier.

Richard Daly is set to become chief executive on September 4, while Steve Walters has been appointed chief financial officer, effective from October.

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