By John Lee.
In its results for the first nine months of 2014, Qatari telecom provider Ooredoo has reported that revenues at its Iraqi unit Asiacell are down 10 percent.
The company gave the following update on operations in Iraq:
“Asiacell continued to face the challenge of political and social instability during the period, allied to the effects of an increasingly competitive market.
“Consequently, revenue for the nine months of 2014 was QAR 4,804 million (9M 2013: QAR 5,309 million), a decrease of 10%; EBITDA was down by 19% to QAR 2,272 million and EBITDA margin was also down to 47% from 53%. Customer numbers increased by 16% to 12.3 million.
“Growing levels of insecurity have impacted corporate and data revenue moderately. Asiacell has continued to focus on a number of cost efficiencies during the period in the face of growing competition. Asiacell continues to monitor the situation carefully and has a range of contingency plans in place to ensure the continued operation of the business.”