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Growing competition hurting Wataniya's profits
- Kuwait: Thursday, April 25 - 2013 at 06:26
Kuwait's second-biggest telecom firm Wataniya has said increased competition in its domestic market and political turmoil in Tunisia have hurt its bottom line in the first quarter, Reuters has reported. The company made a net profit of KD19.5m ($68.4m) in the three months to March 31, down from KD28.3m a year ago, its fifth straight drop in quarterly profit, despite growing revenue and customer numbers. "For most Gulf telecom operators, their competitive edge is dependent on their capital expenditure and, in Kuwait, Wataniya is lagging Zain," said Umar Faruqui, a senior analyst at Global Investment House in Kuwait. "Viva has strong financial backing, which will allow it to keep up the competitive pressure and Wataniya will find it tough to arrest the decline in home revenue," he said.
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