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Mon 9 May 2011 07:47 PM

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Kuwait's VIVA posts $72.6m net loss, eyes listing

Gulf state's third mobile phone operator says it had more than 800,000 subscribers at end-2010

Kuwait's VIVA posts $72.6m net loss, eyes listing

Kuwait's third mobile phone operator on Monday announced net losses of KD20m ($72.6m) for 2010 but added that its market share in the country had risen to 18 percent.

Kuwait Telecom Company, known as VIVA, was launched in December 2008 to compete with Zain and Wataniya.

It said that it had more than 800,000 subscribers by the end of 2010.

Adel Al-Roumi, VIVA's chairman, said that it had spent KD29m on the company's infrastructure last year and was now finalising procedures to list the company's shares on the Kuwait Stock Exchange.

Abdulaziz Abdullah Al Qatie, VIVA's chief financial officer reported "impressive growth" in both customers and revenue, adding that the company was "expecting to accomplish continued growth in revenues, profits and value for investment".

At the company's general assembly meeting, the board announced a growth of its total investment in infrastructure to KD61m.

The board reported an operating loss of KD9.8m and a net loss of KD20m for the fiscal year ending December 31, 2010.

The company, which is 26 percent owned by Saudi Arabia’s incumbent operator STC, competes with Wataniya and Zain in a market with a population of some three million people.

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