Doha-Mubasher: Vodafone Qatar reported a 115.8% rise in its annual losses, according to a bourse statement.
The company posted QAR 465.7 million ($127.8 million) losses in the fiscal year ended 31 March 2016, compared to AED 215.8 million ($59.2 million) in the previous year.
Loss per share (LPS) reached QAR 0.55 during the period, compared to QAR 0.26.
In the three months ended March 31, net losses increased to QAR 180 million ($49.5 million) from QAR 66 million ($18.1 million) in the prior-year period.
“The past year has been difficult for the company with the impact of structural changes in our industry, namely the increasing use of data at the expense of international voice traffic, and sustained price competition, particularly in the prepaid market” the operator’s Chairman Rashid Fahad Al-Naimi.
Vodafone’s cost base has rose amid the growing scale of our business operations, resulting in a decline in earnings, Al-Naimi added.
Vodafone will hold its ordinary general meeting on 25 July, the statement highlighted.
