Vodafone Qatar Q1 net loss expands

Telco said that market continues to face extremely competitive pressure on prices
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Vodafone Qatar has reported a widening first-quarter loss that missed analyst estimates.

Vodafone, which has yet to make a quarterly net profit since it ended state-controlled Ooredoo's domestic monopoly in 2009, made a net loss of 99.9 million riyals ($27.4 million) in the three months to June 30, it said in a statement. That compares with a loss of 27.4 million riyals in the prior-year period and the operator has now made widening losses for three successive quarters, according to Reuters.

The company, which is 23% owned by parent Vodafone and 22% by a Qatar government-linked fund, generated first-quarter revenue of 538 million riyals. This was down from 8% from the prior-year period.

"The Qatari telecom market continues to face extremely competitive pressure on prices, which is impacting the company's results in the short term," Vodafone Qatar chairman Sheikh Dr Khalid Bin Thani Al Thani said in the statement.

Vodafone Qatar's financial year starts on April 1.

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