Operator Ooredoo highlighted a robust performance from key markets, including Oman, Indonesia, Kuwait and Myanmar, but felt a drag on Q1 from elsewhere in the group.

The company reported revenue of QAR7.9 billion ($2.2 billion), a two per cent decline over the year-ago period. Ooredoo blamed “unfortunate currency fluctuations” for the decline. Excluding this effect, revenue would have increased, albeit only by one per cent.

Encouraging performance came in Oman which managed double-digit revenue growth, as did Kuwait. Indonesia chipped in with six per cent growth, and recent entrant Ooredoo Myanmar reported a 42 per cent rise in quarterly revenue.

Revenue in its home market of Qatar was flat.

Tougher times are occurring, unsurprisingly, in Iraq due to the adverse security situation and deteriorating economy. Revenue plummeted 15 per cent in the first quarter.  Zain expressed similar sentiment about its performance in Iraq earlier in the week.

The economy is slowing in Algeria, with the result that revenue fell by eight per cent, although Ooredoo was eager to point up positives, such as its leadership position and the launch last month of 4G which, it said, is enjoying “very good traction”.  The group’s other 4G markets include Qatar, Kuwait, Oman, Maldives and Indonesia.

Ooredoo’s net profit showed a jump of 75 per cent to QAR879 million in Q1. In this case, currency movements had an opposite effect, said the group. There was a positive foreign exchange impact in Indonesia and Myanmar, in particular. Operational improvements were also part of the mix in Indonesia. In Myanmar, hitting net profit was a first since the operator launched in August 2014.

Excluding the currency-related lift, and one-off gains from investments, then group net profit would have been in line with the year-ago period.