Kuwait – Mubasher: National Mobile Telecommunications (Ooredoo) posted KWD 1.4 million ($4.62 million) net loss for the fourth quarter of 2015, the company said on Saturday.

The Kuwait-listed telco generated KWD 26.7 million net profit in the fiscal year 2015, down 41.6% year-on-year from KWD 45.7 million.

The company's board of directors proposed distributing cash dividends for FY15 at 100 fils per share, or 100% of the stock's par value.

Ooredoo's net income was negatively affected by the adverse fluctuations in foreign currencies in Tunisia (-9% y-o-y) and Algeria (-18% y-o-y) and foreign currency conversion losses of KWD 9 million ($29.7 million), said Chairman Saoud bin Nasser Al Thani.

He added that his company's client base in Kuwait declined to 2.3 million at 2015-end, down 9.8% compared with the same period a year earlier.

The group's FY15 revenues rose by 11.9% year-on-year to KWD 188.1 million ($619.8 million) from KWD 168.0 million ($573.3 million).