DUBAI - Mobile operator Vodafone Qatar said on Wednesday its half-year operating loss widened to 347.5 million riyals ($95.52 million) on increased operational start-up costs.
The Qatari unit of Vodafone, said it made a bigger loss on earnings before interest and taxes for the six months to September 30, compared with the same period last year, when it recorded a loss of 37.5 million riyals.
Earnings before interest, taxation, amortisation and depreciation was a loss of 156.2 million riyals compared with a loss of 37.5 million riyals last year, and included the amortisation of the 7.7 billion riyal mobile licence over 20 years beginning in May 2009.
The firm, which listed on the Qatar bourse in July, said in a statement it was on track to be EBITDA-positive in the year ending March 31 2011.
"We expect to be able to pay dividends following the year ended March 31 2013, when we will be cash flow positive on a cumulative basis," the company's chief executive, Grahame Maher, said.
Revenue for the six-month period was 39.2 million riyals, of which 22.2 million riyals were earned in September, it said.
It said it had 220,000 customers, or 15.5 percent of the population, in October, up from 150,800 customers at end-September, or 9 percent of the population.
Vodafone, the world's largest mobile phone company by revenue, won the bid for Qatar's second mobile telephone license for $2.12 billion in 2007.
Vodafone Qatar, which broke the monopoly of Qatar Telecom in the world's largest liquefied natural gas exporter, listed a 40 percent stake after completing its $1 billion IPO in April.
In September Naeem Holding began coverage of the firm with a "buy" rating and said it should capture a 33 percent share of Qatar's compact cellular market by 2013.
Vodafone shares were unchanged at 9.15 riyals in earlier trading, down from their IPO price of 10 riyals