Ooredoo anticipates 2015 revenue decline
20 March 2015 |
Qatar’s Ooredoo has forecast a revenue drop of 3% for this year, with core earnings expected to fall by a similar margin.
Profits for the past two quarters missed analyst expectations by a wide margin and the decline has been attributed to “factors largely beyond its control” according to Reuters. The latest forecast was presented on the operator’s website.
Ooredoo expects its consolidated revenue in 2015 to be 3% lower than its figure of 33.21 riyals in 2014, with earnings before EBITDA due to drop by as much as 4% from its 2014 amount of 12.95 billion riyals.
HSBC has also allegedly cut its forecasts for the company this month, and expects Ooredoo’s annual net profit for 2015 to drop to 1.83 billion riyals.
“The fundamentals of the domestic market remain strong, but some international operations like Algeria, Tunisia, Indonesia and Iraq have seen sharp deterioration in margins,” the bank said in a statement.
Ooredoo declined to respond to questions from Reuters.