FINANCIAL NEWS

Kuwait’s Wataniya reports USD102m profit in Q1

26 Apr 2012

(MENAFN) Kuwait telecoms operator Wataniya saw a 90 percent decline in quarterly profits, drop in first-quarter net profit, due to a fall in its home operations, Reuters reported.

The company said it made USD102.1 million net profit in the first quarter, down from USD1.02 billion a year earlier, when it was swelled by a revaluation gain after Wataniya raised its stake in unit Tunisiana to 75 percent from 50 percent.

Wataniya, which operates Maldives, the Palestinian Territories and Saudi Arabia, also reported USD647.5 million revenue in the quarter, up from USD609.8 million a year earlier.

The firm’s home operations fell 21 percent to USD55.66 million in the first quarter from a year earlier, despite a 3.1 percent rise in its subscriber base.

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