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Ooredoo Kuwait Q3 Profit Falls By Nearly Half

Ooredoo Kuwait Q3 Profit Falls By Nearly Half

Ooredoo Kuwait has slipped to third in terms of mobile subscribers in its domestic market.

Ooredoo Kuwait, the country’s No.3 telecom operator by subscribers, said on Wednesday that its third-quarter net profit fell by nearly half.

The firm, a subsidiary of Qatar’s Ooredoo, made a net profit of KD7.9 million ($27.3 million) in the three months to Sept. 30, down from KD15.3 million in the year-earlier period.

An analyst at EFG Hermes forecast Wataniya would make a quarterly profit of KD23.4 million.

Third-quarter revenue was KD186 million, up slightly from the KD180 million generated a year ago.

Domestically, Ooredoo Kuwait competes with Zain and third entrant Viva, an affiliate of Saudi Telecom Co .

Ooredoo Kuwait has slipped to third in terms of mobile subscribers, according to Zain, as Viva’s aggressive pricing wooed customers.

That sparked a sustained profit slide at Ooredoo Kuwait, which also has operations in Algeria, Tunisia, the Maldives and the Palestinian Territories.

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