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Qatar Telecom flat on lower half-year net profit

The Qatar Exchange Index added a quarter percentage point to hit 8,298.33 points Tuesday, mainly due to gains in the real estate sector. Qatar Telecom, known as Qtel, closed flat at QR104.90. Earlier in the day Qtel disclosed its semi annual financial statements for the period ending June 30, 2012. The reviewed financial statements for the period ending June 30, 2012 revealed a net profit of QR1.3bn in comparison to QR1.5bn for the same period last year. In addtion, Qtel said that its subsidiary National Mobile Telecommunications Company in Kuwait announced that Dr. Bassam Hannoun has been appointed as CEO for Wataniya Telecom and will begin his new role from September 1 2012.