Qatar Telecom (Qtel) has reported a 12% decline in first half net profit to QR1.35bn due to adverse foreign exchange movement in Indonesia and Algeria, a Qtel spokesman said the operational results, excluding foreign exchange impact, showed growth of around 9%.

The Qtel group’s consolidated customer base grew 8% year-on-year to 83.7mn, revenue by 6% to QR16.39bn, Ebitda (earnings before interest taxes depreciation and amortisation) by 8% to QR7.8bn and an Ebitda margin of 48% (against 47% in the year-ago period), according to Gulf Times.

“We have made good progress in the first half of the year toward our business goals. We have continued our strategy to invest in markets where we see growth potential,” Qtel chairman Sheikh Abdullah bin Mohamed bin Saud al-Thani said.

“We saw strong revenue and Ebitda performance for the Group in the first half of the year. In the face of increasing competition, we are fully aware that our success in the near and far term will depend on delivering exceptional service to our customers, a focus on our operations, and from targeted investments in new opportunities,” according to Qtel Group CEO Nasser Marafih.

In the domestic market, Qtel saw its customer base grow 2% to 2.43mn, revenue by 7% to QR3.1bn and Ebitda by 6% to QR1.64bn.

In Indonesia, Indosat subscriber base rose 7% to 51.1mn. Revenue grew in local currency but due to foreign exchange translation decreased by more than 2% in Qatari riyals to QR4.1bn. “Depreciation of the Indonesian rupiah during the year had a significant impact on profitability, but underlying Ebitda continued to be strong at QR2.1bn (QR2bn),” the company said.