Kuwait – Mubasher: Kuwaiti telecom operator Ooredoo said profits for the first quarter of 2015 dropped by 88.88% to KWD 2.2 million, from KWD 19.8 million in the corresponding period a year earlier.

Net profits were hurt by unrealised losses in forex market in Algeria, in addition to unfavorable conversion rates for Algerian and Tunisian currencies, the company said in a statement Monday.

Chairman Saud bin Nasser Al Thani said his company successfully increased its client base in Kuwait by more than 11%, with a total of 2.5 million subscribers, while helped boost revenues by 6% to KWD 44.3 million.