Viva Kuwait, which is 51.8 percent owned by Saudi Telecom Co. (STC), said its second-quarter net profit fell 15 percent year-on-year (YoY) to KWD 9.6 million due to slowed economic growth amid lower oil prices and a high penetration ratio in the telecom sector.
For the first half of 2016, the telco’s reported a net profit of KWD 19.4 million, a 10 percent decline YoY, VIVA said in a statement to Kuwait Stock Exchange (KSE) on Thursday.
Second-quarter revenue was up 2 percent at KWD 69.45 million.
In February, STC completed the purchase of a further 25.8 percent stake in Viva, raising its stake to 51.8 percent.
Viva stock was trading over 1 percent lower at KWD 0.93 at noon.
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