February 12, 2018 / 5:43 AM / in 6 months

Ooredoo's Q4 profit up 13 pct, annual profit hit by currency depreciations

DUBAI, Feb 12 (Reuters) - Qatari-based telecom group Ooredoo reported a 13 percent rise in fourth-quarter net profit, though annual profit fell by 10 percent as currency depreciations in some markets dented revenue.

Ooredoo Group, which operates in 10 countries in the Middle East, North Africa, and Southeast Asia, made a quarterly profit of 408 million riyals ($112.09 million) for the period ended December 31, compared to 361 million riyals in the same year ago period.

SICO Bahrain forecast a quarterly profit of 423.95 million riyals.

Full-year profit fell to 1.967 billion riyals in 2017 from 2.193 billion in 2016, the group said in a statement.

Fourth quarter and full-year revenues were flat at 8.259 billion and 32.735 billion, respectively.

The number of customers rose 18 percent in the year to 164 million, which Ooredoo said was due to customer acquisition activities in Indonesia, Iraq, Oman, Algeria, Tunisia, Maldives, and the occupied Palestine territories.

In Iraq, Ooredoo increased its customer base by 8 percent to almost 13 million as it was able to restore its network sites in areas recently recaptured by Iraqi forces from the Islamic State.

In Algeria and Tunisia, annual revenue fell 8 percent and about 11 percent, respectively. It fell 10 percent in Myanmar. ($1 = 3.6400 Qatar riyals) (Reporting by Alexander Cornwell; Editing by Saeed Azhar)

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