Wataniya records US$37.8 million net profit in 1Q06

Active subscriber numbers rose to 7.123 million at the end of March, up 11% quarter on quarter. In Kuwait, revenues amounted to US$141.5 million, up from US$123.7 million a year earlier.

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By  Tawanda Chihota Published  May 2, 2006

Kuwait’s Wataniya Telecom has reported a net profit of US$37.8 million in the first quarter of 2006 to end-March. Revenues over the period amounted to US$360.4 million, up 7% quarter on quarter and 44% year on year. Active subscriber numbers rose to 7.123 million at the end of March, up 11% quarter on quarter. In Kuwait, revenues amounted to US$141.5 million, up from US$123.7 million a year earlier. Net profit amounted to US$42.9 million, a decrease of 16% year on year, in part as a result of a loss occurred in a portfolio of securities owned by Wataniya. In Tunisia, Wataniya’s Tunisiana operation counted 2.38 million subscribers at the end of March and recorded revenues of US$92 million, up 38% year on year. Net profit stood at US$2.4 million, while in Iraq, Wataniya’s AsiaCell operation counted 2.04 million subscribers and a net profit of US$7.5 million. Nedjma in Algeria increased its active subscriber base to 1.67 million and recorded revenues of US$42.9 million during the quarter and reported an overall loss of US$23.1 million. In Saudi Arabia, Wataniya’s Bravo push-to-tall operation Bravo counted 18,706 subscribers and a loss of US$2.4 million. In the Maldives, subscribers reached 57,876 at the end of March, revenues US$3.4 million and a loss of US$2.4 million.

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