Even if it took some exchange-rate movements, to do it, it’s still good news. My only concern is that Myanmar lawmakers will see these numbers as an invitation to start milking what they as a cash cow. There is much to be done in Myanmar in terms of translating the reforms into real benefits for people and that requires the investors earning a reasonable return.
Ooredoo Myanmar took in QAR334 million (US$91.7 million) in the three months to March 31, up 18pc over the previous quarter and 42pc on Q1 2015.
Net profit moved into the black for the first time, reaching QAR190 million partly on the back of local currency appreciation – which had group-wide consequences.
“Group net profit … escalated significantly by 75pc to QAR879 million mainly due to positive foreign exchange impact in Indonesia in Myanmar,” the press release said.
Ooredoo Myanmar switched its functional currency from dollars to kyat at the beginning of 2016 as it met International Financial Reporting Standards (IFRS), the company said.
Meanwhile, earnings before interest, taxes, depreciation and amortisation (EBITDA) came to QAR9 million, having finished last year with EBITDA in the red at QAR76 million.