H1 2015, Bottom line cash on Iraq, forex
Ooredoo's H1 2015 revenues decreased by 2.8% to QAR16.041bn (vs. +0.75% expected for the whole year) due to the ongoing challenges in Iraq and the currency depreciation in Indonesia, Algeria and Tunisia, offsetting the strong performances in Qatar and Oman, the turnaround in Kuwait and the first fruits in Myanmar. Indeed, revenues were mainly affected by: 1/ the 24% decrease in revenues in Iraq, due to the growing insecurity and instability and an increasingly competitive market, 2/ the 2% drop in the Indonesian revenues due to the continued depreciation of the Indonesian Rupiah (-10%, yoy), 3/ the 13% decrease in revenues in Algeria due to the depreciation of the Algerian Dinar (-18%, yoy,) and 4/ the 23% drop in revenues in Tunisia impacted by challenging economic conditions and the depreciation of the Tunisian Dinar (-17%, yoy).
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