Mubasher: Kuwait Telecommunication Co (Viva) reported a decline of 9.1% in profits during the third quarter of 2017 compared to the same period last year.

Earnings decreased to KWD 8.78 million ($29.08 million) in Q3-17 compared to KWD 9.66 million ($32 million) in Q3-16, according to a bourse statement issued on Wednesday.

During the first nine months of 2017, Viva posted a decline of 2.7% in profits to KWD 28.28 million compared to KWD 29.05 million in the same period in 2016.

The decline in profits is attributed to lower income due to competition in the market.

It is noteworthy that Viva registered KWD 19.5 million profits in the first half of 2017, 0.6% higher than KWD 13.39 million in H1-16.

At the stock level, Viva closed Wednesday’s session at 756 fils.