Kuwait - Mubasher: Kuwait Telecommunication Company (VIVA) reported 14% year-on-year decline in profits in the third quarter of 2016, according to a bourse filing on Thursday.

Profits registered KWD 9.66 million ($31.8 million) in Q3-16 compared to KWD 11.27 million ($37.2 million) in Q3-15.

The company also said that profits declined 12% in the nine-month period that ended 30 September to KWD 29 million from KWD 32.85 million in the same period last year.

Viva attributed the decrease in profits to the lower revenues achieved amid a recession in the Kuwaiti economy as a result of the drop in oil prices, and especially with the Kuwaiti telecom market almost saturated.