Ooredoo shares plunge after Q2 profit drop

Dubai: Shares in Qatari telecom firm Ooredoo plunged 5.8 per cent to 69 riyals ($19), the lowest price in more than a month, after reporting a 60 per cent decline in Q2 net profit a day earlier.

Ooredoo made a net profit of 203 million riyals versus 513 million riyals year ago, the second consecutive quarterly profit decline for the company and below SICO Bahrain’s forecast of 431 million riyals and EFG Hermes’ forecast of 250.9 million riyals.

Ooredoo said challenging market conditions in Indonesia, Algeria, and a negative impact from foreign currency exchange rates in Myanmar had affected its overall performance in the first half of the year.

Qatar index is down 0.5 per cent in early trade