October 30, 2018 / 6:22 AM / in 21 days

Qatar's Ooredoo Q3 profit falls 13 pct on currency weakness, Indonesia woes

DUBAI, Oct 30 (Reuters) - Qatar’s telecommunications firm Ooredoo reported a 13 percent drop in third-quarter net profit on Tuesday, hurt by currency weakness in emerging markets and business challenges in Indonesia and Algeria.

Ooredoo, which operates in the Middle East, North Africa and Southeast Asia, made a net profit attributable to shareholders of 403 million Qatari riyals ($110.71 million) compared to 462 million riyals in the same period a year ago.

EFG Hermes had a net profit forecast of 217 million riyals for Ooredoo.

This was the third consecutive quarterly profit decline for the company.

Ooredoo said positive performances in Iraq, Oman and Tunisia were offset by market challenges and lower revenue in Indonesia and Algeria, as well as a substantial foreign exchange loss in Myanmar.

Ooredoo’s business in Indonesia, its biggest overseas market, has suffered from new regulation on SIM card registration in the country, which led to loss of non-compliant customers. ($1 = 3.6400 Qatar riyals) (Reporting by Saeed Azhar; Editing by Amrutha Gayathri)

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