Wataniya Telecom's Quarterly Profits Drop Nearly a Third
Published on: 24th Apr 2013
By: Ian Mansfield
Kuwait based Wataniya Telecom has reported a near one third drop in its first quarter profits as the company was hit by increased competition and a weaker economy.
Wataniya Telecom -- which is 92% owned by Qatar's Ooredoo -- reported quarterly profits of KWD 19.5 million (USD68.7 million) for the first three months of 2013 compared to KWD 28.3 million (USD99.6 million) a year ago.
The company ended the quarter with 19.4 million customers, as compared to 18.1 million a year ago.
The company put the blame on the downturn on higher competition in Kuwait, a weak economy in Tunisia and foreign exchange fluctuations in Algeria.
The company has subsidiaries in Algeria, Kuwait, Maldives, Saudi Arabia, The Palestinian Territories, and Tunisia.