Kuwait’s cellular operator, Mobile Telecommunications Company (MTC), reported a 38.6 percent fall in its net profits for the first quarter of the year 2002. During the first three months of the current financial year, MTC’s net profit dropped to 19.47 million dinars ($63.7 million).
Two service providers currently operate in Kuwait’s GSM (Global System for Mobile communications) market—newcomer Watania, which launched operations in 1999, and MTC, which pioneered the service in 1983.
In 2001, the two companies served a total of 930,000 mobile subscribers, representing over 40 percent of the Gulf state’s 2.15-million strong population. Some 542,000 cellular lines are currently subscribed with MTC, giving it a 58 percent market share, according to an Arab Advisors Group report. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
