Wataniya Q2 net profit up 140pc
Kuwait City, August 14, 2009
Kuwait's National Mobile Telecommunications (Wataniya) posted a second-quarter net profit rise of 140 percent to 63.5 million dinars ($221.2 million).
However, Wataniya, a unit of Qatar Telecommunications Co, said in June that its second-quarter earnings would reflect a 58.4 million dinar reversal of provisions, after winning a court ruling against the telecommunications ministry.
The company said that it had a net profit at 63.5 million dinars ($221 million), beating a forecast of 12.5 million dinars from a Prime Emirates analyst.
In the first quarter, Wataniya posted a 4.4 percent fall in net profit to 15.3 million dinars, compared with 16 million dinars in the same period in 2008.
Earnings per share rose to 126.74 fils compared to 52.97 fils in the second quarter of 2008. There are 1,000 fils to the dinar.
Zain, Kuwait's biggest mobile telephone operator, last month posted a 5.5 percent rise in second-quarter net profit to 78.8 million dinars, compared with the year earlier period. - Reuters