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Kuwait- Watanya Q2 profits plunge 69%

12 Aug 2010

(MENAFN) Kuwait’s National Mobile Telecommunications Co (Wataniya), the Gulf state’s second-largest mobile phone operator, reported a 69 percent drop in quarterly net profit, largely in line with forecasts, Kuna reported.

The company made a net profit of $68.32 million in the second quarter, down from $221 million a year earlier, it said in a statement to the Kuwait Stock Exchange.

In the second quarter of 2009, Wataniya, a unit of Qatar Telecommunications Co. (Qtel), posted a 140 percent rise in net profit due to a reversal of provisions.

Net profit in the first half came in at $124.8 million, down from $275 million in the first half of 2009.

It is noteworthy that Wataniya operates in markets including Algeria, Tunisia, Saudi Arabia and the Maldives.

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