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FinancialNews


  • 27-04-16

    Ooredoo Kuwait posts 356 percent grow in Q1 net profit

    (MENAFN) Mobile operator Ooredoo Kuwait reported a 356 percent increase in Q1 net profit, as non-core revenue jumped.

    Furthermore, the firm made a net profit of USD 33.84mn in the cited quarter, up from USD 7.41mn a year earlier.

    However, the firm was hit by an 89 percent drop in profit during the same quarter last year as its business was hurt by foreign-exchange losses.

    The firm had reported falling earnings in six of the last seven quarters, which involved a loss in Q4 of 2015 hurt by local competition.

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