Kuwait – Mubasher: Kuwait Telecommunication Co. (VIVA) posted KWD 9.8 million ($32.5 million) net profit for the first quarter of 2016, a decline of 4.9% year-on-year from KWD 10.3 million ($34.1 million).
The telecom firm’s revenues rose by 6% y-o-y to KWD 70.4 million in the first quarter.
The company’s client base increased to around 2.4 million till the end of March, 2016. Shareholders’ equity also rose by 70% to KWD 102.7 million by the end of the first quarter, from KWD 60.3 million in the prior-year period.
Commenting on the results, CFO Abdul-Aziz Abdullah Al-Qatie said his company successfully slashed financing-to-equity ratio to 0.7x at the end of March, 2016 from 1.4x at the end of March, 2015.
