Ooredoo net profit at MVR140 mln in 2017 last quarter

The board members of Ooredoo Maldives speak at its Annual General Meeting 2017. PHOTO/OOREDOO

The board members of Ooredoo Maldives speak at its Annual General Meeting 2017. PHOTO/OOREDOO

Ooredoo Maldives made a net profit of MVR 140 million in the final quarter of last year.

The company’s financial records published on Tuesday show that the telecom giant had earned MVR 472 million in the fourth quarter of 2017, which is a rise of five percent compared to the previous quarter.

In the final quarter, after deducting expenditure, Ooredoo garnered an operating income of MVR 176.5 million with the gross profit reaching MVR 173 million before deducting tax. The company had paid MVR 32.5 million as tax.

Telecom giant Ooredoo Maldives was officially listed on the Maldives Stock Exchange (MSE) in August 2017. While Wataniya International holds 90.5 shares in Ooredoo Maldives, the company plans to sell 40 percent of its shares out of which 9.5 percent were sold at Ooredoo’s initial public offering (IPO) last April.

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