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FINANCIAL NEWS
Ooredoo Kuwait posts 356 percent grow in Q1 net profit
27 Apr 2016
(MENAFN) Mobile operator Ooredoo Kuwait reported a 356 percent increase in Q1 net profit, as non-core revenue jumped.
Furthermore, the firm made a net profit of USD 33.84mn in the cited quarter, up from USD 7.41mn a year earlier.
However, the firm was hit by an 89 percent drop in profit during the same quarter last year as its business was hurt by foreign-exchange losses.
The firm had reported falling earnings in six of the last seven quarters, which involved a loss in Q4 of 2015 hurt by local competition.
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