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Ooredoo Kuwait posts huge surge in Q1 net profit
April 26, 2016, 3:48 pm

Mobile operator Ooredoo Kuwait reported a 356 percent rise in first-quarter net profit on Tuesday, as non-core revenue jumped. The subsidiary of Qatar's Ooredoo competes domestically with Zain and Saudi Telecom Co (STC) affiliate Viva Kuwait.

Ooredoo Kuwait made a net profit of 10.21 million dinars ($33.84 million) in three months, up from 2.24 million a year earlier, it said in a statement. EFG Hermes forecasted Ooredoo Kuwait to make a quarterly profit of 4.63 million dinars. Revenue rose up to 175.3 million dinars from 174.3 million a year earlier.

It reported non-core revenue of KD 873,000 versus a loss of 10.9 million a year earlier. The company did not elaborate on what non-core revenue included.

The company was hit by an 89 percent fall in profit during the same quarter last year as its business was hurt by foreign-exchange losses from its Tunisia and Algeria operations.

The company had reported falling earnings in six of the previous seven quarters, which included a loss in the fourth quarter of 2015 hurt by domestic competition and foreign exchange losses in Algeria and Tunisia.

Source: Reuters

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