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FINANCIAL NEWS
Kuwait’s Wataniya posts USD56.4m profits in Q3
28 Oct 2011
(MENAFN) Kuwait’s National Mobile Telecommunications Co (Wataniya) announced 13.5 percent decline in quarterly profits, Reuters reported.
Wataniya said it gained USD56.4 million in the third quarter, a fall from USD65 million a year earlier.
The telecom operator blamed the decline on the foreign exchange losses that ate into its bottom line.
Wataniya made USD682.8 million revenues in the third quarter, a rise from USD508.5 million a year ago, while margins rose to 42 percent in the same period.
Wataniya, majority-owned by Qatar Telecommunications (Qtel), has interests in Tunisia, Algeria, Saudi Arabia, Maldives and Palestine.
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