By John Lee.
Qatar-based Ooredoo has announced that its Iraqi unit Asiacell has maintained its No.1 revenue market share position, but its revenues have fallen 14 percent:
In its FY 2016 Earnings Statement the company said:
“Despite economic and political challenges in Iraq, Asiacell maintained its revenue and data market leadership. Asiacell successfully reactivated service and rolled out its 3G network to stabilised areas of Iraq. Customer numbers increased by 11% to reach 12 million.
Impacted by the overall challenging business environment and the introduction of a sales tax in August 2015, Asiacell’s FY 2016 Revenue decreased 14% to QAR 4.2 billion, down from QAR 4.9 billion.
“Due to cost optimisation initiatives EBITDA was less impacted, registering QAR 1.9 billion at 2016, down 10% over 2015.“
Earlier this week, rival mobile telco Zain announced an 11-percent decline in revenues.