Viva Kuwait Q2 profit falls 15 per cent

STC has a 51.8 percent stake in Viva
Image source -Argaam
Image source -Argaam

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Viva Kuwait had a 15 percent fall in second-quarter net profit as the telecom operator struggled amid a broad economic slowdown linked to low oil prices, according to Reuters reports.

The Saudi Telecom Co (STC) subsidiary made a net profit of 9.57 million Kuwaiti dinars ($31.65 million) in the three months to June 30, it said in a statement. This compares with a profit of 11.22 million dinars in the year-earlier period.

STC upped its stake in Viva to 51.8 percent from 26 percent earlier this year, after making a buyout offer to all other shareholders.

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