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Wataniya Telecom's Quarterly Profits Drop Nearly a Third

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Note -- this news article is more than a year old.

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.

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Tags: wataniya telecom  Kuwait