Revenues and profits climbing for Q-Tel in 1H 2004

Qatar’s monopoly telecoms service provider Qatar Telecom (Q-Tel) reported a strong performance from both its wireline and wireless operations in the first six months of 2004, resulting in an18% rise in revenues year-on-year to QAR1.149 billion and a 29% hike in net profit to QAR749 million. Q-Tel’s wireless arm Qatarnet reported a 25% rise in turnover to QAR672 million, driven by the net addition of 91,000 new subscribers. The unit had 419,000 mobile users at the end of June, up from 328,000 previously, with the pre-paid customer base performing best, reporting a 51% rise in new subscriptions. Wireline services continued to grow, driven by the popularity of internet access and leased circuit products. Turnover was up 14% year-on-year to QAR441 million thanks primarily to a 40% expansion in internet subscribers and a near quadrupling of the firm’s barQ ADSL service. Operating profit for the six months to 30 June rose from QAR575 million to QAR677 million, an increase of 18%.