Qtel Group achieves record second-quarter profit

Doha: Qatar Telecom QSC has announced strong financial results for the period ended June 30, with record second-quarter net profits of QR 655 million.

"During this period we also completed our $1.8 billion acquisition of 40.81 per cent of PT Indosat, one of Indonesia's telecom companies," said Qtel chairman Shaikh Abdullah Bin Mohammad Bin Saud Al Thani.

The addition of Indosat means that Qtel now has an international consolidated customer base of over 51 million in 16 countries.

Consolidated group revenue grew 102 per cent to QR 8,111 million compared to QR 4,015 million in 2007 as a result of continued product and marketing innovation.

The group's net profit attributable to the shareholders stood at QR 1,180 million for the first half of 2008: an increase of 33 per cent over the same period last year.