Wataniya Reports 64% Increase in 3rd Quarter Profits

Kuwait's National Mobile Telecommunications (Wataniya) has reported a 64 percent jump in 3rd quarter profits to KWD 25.59 million (US$95.56 million), compared with KWD 15.61 million a year ago.

Forecasts by two banks in a Reuters survey ranged from 24.30 million dinars to 27.40 million dinars for third-quarter net profit.

Revenues in the quarter reached KWD 125.3 million, compared to KWD 104.5 million a year earlier.

The company also confirmed that the long-running legal dispute with Kuwait's Ministry of Communications is still ongoing - and that it has set aside KWD 55,590 (US$208,000) towards the amount required to settle the amounts claimed, in case MOC is successful in its claim.

Last March, Qatar Telecom paid US$3.7 billion for a controlling shareholding in Wataniya, which has mobile operations in seven countries in the region.

Posted to the site on 23rd October 2008