Mobile Operator Ooredoo Kuwait Posts 28 Percent Slump In Q2 Net Profit

Mobile operator Ooredoo Kuwait reported a 28 percent fall in second-quarter net profit on Monday, continuing its earnings slump as revenue fell. The subsidiary of Qatar's Ooredoo competes domestically with Zain and Saudi Telecom Co (STC) affiliate Viva Kuwait. Ooredoo Kuwait made a net profit of 9.07 million dinars ($29.98 million) in the three months to June 30, it said in a statement. This compares with a profit of 12.6 million dinars in the year-earlier period. EFG Hermes had forecast Ooredoo Kuwait would make a quarterly profit of 10.45 million dinars.

The company had reported falling earnings in six of the previous eight quarters, which included a loss in the fourth quarter of 2015 as stiff domestic competition and foreign exchange losses in Algeria and Tunisia hammered its bottom line. Second-quarter revenue was 175.6 million dinars, versus 184.8 million dinars a year earlier.

 

SOURCE : ARABIANBUSNESS

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