This file photo shows Wataniya shop in the West Bank city of Jenin, pictured on October 14, 2009
Palestinian men look at mobile phones displayed under the logo of the Wataniya phone company at a shop in the West Bank city of Jenin, on October 14, 2009. Wataniya operates in Kuwait, Algeria, the Maldives, Saudi Arabia, Tunisia and the Palestinian territories. It served 19.4 million subscribers on March 31, up from 18.1 million clients a year ago. © Saif Dahlah - AFP/File
This file photo shows Wataniya shop in the West Bank city of Jenin, pictured on October 14, 2009
AFP
Last updated: April 24, 2013

Kuwait's Wataniya telecom first quarter profit dives 31%

National Mobile Telecommunications Co of Kuwait (Wataniya) reported on Wednesday a 31.1 percent slide in net profit in the first quarter of 2013 due to competition and tough economic conditions.

Wataniya, in which Qatar's Qtel owns 92.1 percent, posted 19.5 million dinars ($68.7 million) in the first three months of 2013 compared to 28.3 million dinars ($99.6 million) a year ago, the company said in a statement.

The company attributed the drop to tough competition in the Kuwaiti market, a difficult economic situation in Tunisia and the impact of the foreign exchange rate in Algeria.

Wataniya operates in Kuwait, Algeria, the Maldives, Saudi Arabia, Tunisia and the Palestinian territories. It served 19.4 million subscribers on March 31, up from 18.1 million clients a year ago.

Last year, the company's net profit dived 21 percent to $267.6 million. Wataniya assets grew 1.7 percent to $5.3 billion on March 31.

Two other mobile firms, Mobile Telecommunications Co (Zain) and Kuwait Telecommunications Co (VIVA), also operate in Kuwait.

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