Ooredoo Kuwait Q2 net profit falls 30%

Net profit impacted due to adverse currency movements in Algeria and Tunisia
Ooredoo Kuwait Q2 net profit falls 30%

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Ooredoo Kuwait has reported a 30% fall in second-quarter profit on Sunday, mainly due to losses in Algeria and Tunisia. The company has operations in Algeria, Tunisia, the Maldives and the Palestinian Territories.

"Net profit was impacted mainly due to adverse currency movements in Algeria and Tunisia," Sheikh Saud Bin Nasser Al Thani, Ooredoo Kuwait chairman, said in a statement.

The company made a net profit of 12.6 million dinars ($41.6 million) in the three months to June 30, down from 18 million dinars a year earlier. Second-quarter revenue was 184.8 million dinars, compared to 196.7 million dinars a year ago.

Ooredoo Kuwait made a half-year net profit of 14.8 million dinars, down 61% from a year earlier.

The telco's domestic operations made a half-year net profit of 4.5 million dinars, near-flat year-on-year despite its revenue and customer base both expanding by 8% over the same period.

Additionally, the operator said the Tunisian and Algerian currencies fell 11 and 13% respectively against Kuwait's currency in the first half of 2014.

The telco had reported falling profits in 11 of the previous 14 quarters.

The operator competes with Zain and Viva Kuwait. 

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