By John Lee.
Mobile phone service Asiacell has reported a sharp drop in revenue, when expressed in Qatari riyals, as a result of the devaluation of the Iraqi dinar.
In its results for the three-month period ended 31 March 2021, parent company Ooredoo said:
"The Iraqi economy was impacted by weakening purchasing power following the 17% devaluation of the Iraqi Dinar and the effect of the COVID-19 pandemic.
"Asiacell reported revenue of QAR 852 million during the first quarter of 2021 compared to QAR 1,085 million for same period in the previous year.
"Consequently, EBITDA declined 20% to QAR 380 million in Q1 2021 compared to the same period in the previous year. The company's cost optimisation initiatives contributed to a healthy EBITDA margin of 45% in Q1 2021.
"Asiacell maintained its customer base of 14.6 million (Q1 2020: 14.5 million), supported the launch of 4G and new partnerships with OSN and LaLiga, enabling the company to offer bundled services and increase data usage."