Viva Kuwait Q2 profit falls 15 per cent

July 21, 2016 5:05 pm

Viva Kuwait reported a 15 percent fall in second-quarter net profit on Thursday as the telecom operator struggled amid a broad economic slowdown linked to low oil prices.


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.


SICO Bahrain forecast Viva would make a quarterly profit of 10.32 million dinars.


Second-quarter revenue was 69.45 million dinars, up from 67.87 million dinars a year ago.


Viva competes with Ooredoo Kuwait, a unit of Qatar’s Ooredoo, and Zain.


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.


By Reuters
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