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Vodafone Qatar posts first-ever annual profit

FILE PHOTO: The Vodafone logo is seen at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez/File Photo

CAIRO (Reuters) - Vodafone Qatar on Monday reported a 374 million riyals ($80 million) increase in net profit year on year for 2018, which it said was its first-ever profitable year.

"Vodafone Qatar's strong financial results for the financial year 2018 are primarily due to its success in growing its Postpaid subscribers and fixed services, as well as its effective cost optimisation programme," the company said.

It reported a net profit of 118 million riyals for the year ended Dec. 31, 2018.

(Reporting by Mohamed el Sherif; writing by Lisa Barrington; Editing by Sandra Maler)