Mubasher: Ooredoo Company on Thursday reported a 16.8% year-on-year drop in its profits for the first quarter of 2018.

The Qatar- and Abu Dhabi-listed company’s net profit amounted to QAR 486.05 million in Q1-18, compared to QAR 584.11 million in Q1-17, according to a filing to the Qatar Stock Exchange (QSE).

Earnings per share (EPS) declined to QAR 1.52 per share for the three-month period ended March 2018, versus QAR 1.82 per share for the same period of the prior year.

“The first quarter 2018 saw a mixed set of results across our operations, with strong performances in Iraq, Kuwait, Tunisia, Palestine and Myanmar being more than offset by challenging market conditions in our biggest market in Indonesia and also in Algeria,” Sheikh Saud bin Nasser Al Thani, CEO of Ooredoo, said.

For the full-year 2017, Ooredoo’s profits went down 10.3% to QAR 1.96 billion, from QAR 2.19 billion a year earlier.

By 10:30 am Qatar time, Ooredoo’s stock dropped 2.59% at QAR 80.12.