Ooredoo Maldives' net profit stood at MVR 62 million for the third quarter of 2020, marking a decline in profit on both a quarterly and yearly basis.
According to the telecom giant's quarterly report, the company's Q3 profit is a decrease of MVR 18 million compared to the MVR 80.7 million recorded in the second quarter.
The amount is also a 53 percent drop from Ooredoo's Q3 profit of MVR 131 million in 2019.
The gross revenue for Q3 stood at MVR 367.8 million, compared to MVR 409.6 million in the previous quarter. In 2019, the company recorded MVR 488 million as the total revenue within the same period.
Ooredoo attributed the lower profits to the economic repercussions of the ongoing COVID-19 pandemic, which has severely affected the tourism industry, the economic backbone of Maldives.
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