Ooredoo's revenue surge, but profits fall over cost overruns
Ooredoo's third quarter earnings from various segments of its business improved compared to the second quarter.
Ooredoo recorded an increase in its revenue in the third quarter of the year, but profits fell on account of higher costs, the company's third quarter results have shown.
Ooredoo reported a total revenue of MVR 471 million for the quarter. This is an increase of 1.2% over the second quarter.
Ooredoo's third quarter earnings from various segments of its business improved compared to the second quarter.
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Mobile - MVR 363.2 million (MVR 360.8 million in Q2)
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Fixed, broadband and enterprise – MVR 107.7 million (MVR 104.5 million in Q2)
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Others - MVR 140,000. (MVR 134,000 in Q2)
However, the company's operating costs increased in the third quarter as compared to the second quarter of the year.
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MVR 228.4 million in Q2
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MVR 243 million in Q3
With this, Ooredoo's net profit declined in the third quarter. Net profit for the third quarter stood at MVR 127.2 million, which is a 9.7% lower than MVR 141 million earned in the second quarter.
In the third quarter of the year, Ooredoo earned MVR 1.4 billion in total revenue. Of this, MVR 1 billion came from the mobile services segment. Net profit for the three quarters total MVR 416.4 million.
