Wataniya, Kuwait's No.2 telecom operator, reported a 26.5 percent fall in fourth-quarter net profit as more customers failed to offset tougher competition at home and foreign exchange losses in Tunisia and Algeria.
The firm, a subsidiary of Qatar Telecom (Qtel), made a net profit of 12.6 million dinars ($44.78 million) in the three months to Dec. 31, down from 17.1 million dinars in the year-earlier period, it said in a statement.
EFG Hermes forecast quarterly profit of 18 million dinars.
"Foreign exchange impacts again impacted profitability and competitive dynamics in Kuwait remain challenging," chairman Sheikh Abdullah Bin Mohammed Bin Saud Al Thani said.
Wataniya's annual profit fell to 75.5 million dinars, down from 362.1 million dinars a year earlier.
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