Wataniya's Q3 profits fall 27.7%

Q3 PROFIT: Wataniya reported a net profit of $64.7m for the three months to September 30. (Getty Images)

Kuwait National Mobile Telecommunications Co (Wataniya) announced a 27.7 percent decline in its third quarter profits, in a statement posted Wednesday on the Kuwait bourse website.

Wataniya said its net profit stopped at 18.5 million dinars (64.7 million dollars) in the quarter ending September 30 compared to 25.6 million dinars (89.5 million dollars) in the same period last year.

The statement did not provide any reason for the fall.

However, Wataniya nine-month profits surged 42.7 percent mainly due to a release of provisions in the second quarter relating to a court case with the ministry of communications which the company won.

The statement said Wataniya profits in the first nine months of the year rose to 97.3 million dinars (340.2 million dollars) compared to just 68.2 million dinars (238.4 million dollars) in the same period last year.

The released provisions amounted to 58.4 million dinars (204 million dollars) and added to the second quarter net income.

Wataniya, the second largest mobile operator in Kuwait, said its assets declined to 3.1 billion dollars in the nine months this year from 3.2 billion dollars a year earlier.

But its shareholders equity surged to 1.74 billion dollars on September 30 from 1.39 billion dollars last year.

Wataniya, in which Qatar Telecom holds a majority stake, operates in Kuwait, as well as in Algeria, Maldives, Saudi Arabia and Tunisia, serving around 12 million subscribers. The Kuwaiti government holds about 25 percent of the company.

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

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