Monday 25 April 2011

Gulf Times – Kuwait Wataniya Q1 profit soars to $1bn

Kuwait’s National Mobile Telecoms Co (Wataniya) yesterday said its first quarter net profit soared to 285.1mn Kuwaiti dinars ($1.03bn), from KD16.2mn in the year ago period, as the company consolidated its increased investment in its Tunisian unit.

“Net profit for first quarter 2011 includes a fair value gain of KD265.5mn ($961.5mn) recorded due to revaluation of existing held interest in Tunisiana following the increase in the shareholding from 50% to 75%,” a company spokesperson told Zawya Dow Jones via e-mail.

Qatar Telecom (Qtel) and Tunisian investment firm Princesse Holding had said in November last year that they would pay Orascom Telecom $1.2bn for its 50% stake in its Tunisian unit. Qtel made the acquisition through Wataniya Telecom, of which it is the majority owner.

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