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Kuwait’s Wataniya sees Q2 profit halved over Algeria currency loss

Kuwait's second telecoms operator, Wataniya has said its second-quarter profit dropped 49%, hit by foreign exchange losses from its Algeria unit and increased domestic competition, Reuters has reported. Net income by the subsidiary of Qtel reached KD19.1m ($67.83m) in the three months to June 30, down from KD37.3m in the same period last year, Wataniya said. The total number of subscribers during the quarter rose 8.3% year-on-year 18.3 million customers, the firm said.