Viva Kuwait Q2 profit falls 15 per cent
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.