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Ooredoo Kuwait Q2 net profit falls 30pc

DUBAI, July 26, 2015

Mobile operator Ooredoo Kuwait reported a 30 per cent fall in second-quarter profit on Sunday, mainly due to losses in Algeria and Tunisia, extending a lengthy earnings slump.

The subsidiary of Qatar's Ooredoo, which competes domestically with Zain and Saudi Telecom affiliate Viva, had reported falling profits in 11 of the previous 14 quarters.

Ooredoo Kuwait made a net profit of KD12.6 million ($41.6 million) in the three months to June 30, down from KD18 million a year earlier, it said in a statement.

Second-quarter revenue was KD184.8 million, against KD196.7 million a year ago.

The company, which also has operations in Algeria, Tunisia, the Maldives and the Palestinian Territories, made a half-year net profit of KD14.8 million, down 61 per cent from a year earlier.

"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.

The company's domestic operations made a half-year net profit of KD4.5 million, near-flat year-on-year despite its revenue and customer base both expanding by 8 per cent over the same period.

For the first six months of 2015, Ooredoo Kuwait's profit from its Tunisian unit shrunk to KD6.5 million from KD10.6 million, while its profit from Algeria plunged to KD2.5 million from KD20.9 million over the same timeframe.

The company said the Tunisian and Algerian currencies fell 11 and 13 per cent respectively against Kuwait's currency in the first half of 2014. - Reuters




Tags: Telecom | Kuwait | Ooredoo |

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