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
More IT & Telecommunications Stories
- Bahrain launches eGov Apps Store
- Eset wins top reseller award
- Etisalat wins performance award at CommsMEA
- Mideast IT spending to top $32bn in 2014
- MiX Telematics unveils fleet management solutions
- Etisalat unveils 100 MB data for prepaid users
- Du backs UAE entrepreneurs unit
- Aruba names new EMEA vice president
- Survey to measure UAE mobile radiation levels
- Zain Bahrain on track to launch new network