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FINANCIAL NEWS
Ooredoo Kuwait earnings down 30 percent in Q2
27 Jul 2015
(MENAFN) Ooredoo Kuwait extended a lengthy earnings drop after it logged a 30 percent drop of its profits in the April-June period, mainly due to losses in Algeria and Tunisia, Saudi Gazette reported.
The company, which operates in Algeria, Tunisia and other countries, posted a USD609.29 million in the second quarter, while the first half’s net profit dropped 61 percent to USD48.79 million.
The subsidiary of Qatar’s Oaredoo, which domestically rivals with Zain and Saudi Telecom affiliate Viva, has reported a decline in profits in 11 of the previous 14 quarters.
“Net profit was impacted mainly due to adverse currency movements in Algeria and Tunisia,” Ooredoo Kuwait chairman Sheikh Saud Bin Nasser Al Thani said in the statement.
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