Qatar Telecom’s Q4 profit up 32%

Qatar Telecom’s (Qtel) fourth-quarter net profit rose 32 per cent, according to Reuters calculations, but fell short of an analyst’s estimate. The former monopoly made a net profit of about 598 million Qatar riyals ($164.26 million), compared with a profit of 451.9 million riyals in the same period a year ago, Reuters calculated. Annual net profit fell to 2.6 billion riyals in 2011 from 2.8 billion riyals in 2010, the official news agency QNA reported, citing a company statement. It did not give quarterly results. The board recommended a 3 riyal cash dividend per share, a 30 per cent bonus share distribution, and a 40 per cent rights issue at 75 riyals per share, QNA said.