FINANCIAL NEWS

Kuwaiti Ooredoo logs zero net profit in Q4

24 Feb 2015

(MENAFN) Kuwaiti Ooredoo logged a net profit of USD0 million in the fourth quarter of 2014, down from USD62.2 million year-on-year, Arabian Business reported.

The country’s third mobile operator by subscribers blamed foreign exchange losses, investments in Algeria, and restructuring costs in Tunisia for eating up its fourth quarter profit.

According to EFG Hermes predictions, Ooredoo Kuwait, the subsidiary of Qatar’s Ooredoo, is set to make a quarterly profit of USD47.07 million in 2015.

Annual profit for the whole year of 2014 was registered at USD154.2 million, decreasing from USD256.8 million the year before, statistics showed.

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