Mubasher: The financial statements of Kuwait Telecommunication Co (Viva) revealed a 14% year-on-year decrease in profits during the third quarter of 2019.

The profit plunged to KWD 11.686 million in Q3-19 when compared to KWD 13.581 in the corresponding quarter in 2018, Viva disclosed to Boursa Kuwait on Tuesday.

Earnings per share (EPS) slipped by 14% to 23 fils during Q3-19, from 27 fils in the same period a year ago.

During the period from January to September 2019, Viva’s profit shrank to KWD 31.637 million, 15% lower than KWD 37.375 million a year earlier.

Viva attributed the decline in profits to high competition in the market.

It is worth highlighting that over the first half of 2019, Viva’s profit went up by 9.9% year-on-year to KWD 134.56 million.