Mubasher: Vodafone Qatar on Tuesday posted it has turned to profitability in the second quarter of 2018.

Net profit amounted to QAR 31.54 million ($8.66 million) in the three-month period ended June, against losses of QAR 56.81 million ($15.61 million) in Q2-17, Vodafone said in a statement.

In the first half of 2018, the telecom firm recorded QAR 49 million in profits, versus a net loss of QAR 131 million in H1-17, according to the statement.

The company attributed the improved financial and operational performance to the growth in total revenues and the increase in the number of subscribers, in addition to lower operating expenses.

The company’s revenues rose by 1.7% year-on-year in the six-month period ended June to QAR 1.05 billion from QAR 1.03 billion.

The number of subscribers went up by 5% to 1.39 million in H1-18, as compared with the same period a year earlier.

It is worth noting that Vodafone Qatar had recorded its highest net profit ever of QAR 17.5 million at the end of Q1-18, against a net loss of QAR 74.2 million in the year-ago period.

The company’s stock closed Tuesday up 2.06% at QAR 9.41.