A note on Wataniya’s net profit declines by 22.5%

Posted on 03. Mar, 2010 by Ali in Telecom

every morning i have two rituals; the first is reading Alqabas and the second is reading my Google Reader update. Since i read Alqabas first, i noted the half page ad by Wataniya Telecom that their profits have went up compared to 2007, which i though is odd because a comparison is to be done to year earlier to the report which is 2008. obviously they were trying to cover up the poor comparison results as you will see in the image below. further more; i noted the following on Reader;

With a year-on-year loss of 22.5%, a net profit of KWD11 million (USD37.9 million) has been posted by Kuwait-based National Mobile Telecommunications Company (Wataniya), for the fourth quarter of 2009.However, its full year net profit was up to KWD108.3 million in 2009, from KWD82.4 million in 2008. No reasons have been revealed by the company behind its declining bottom line.

source: Wireless Federation

i believe this is common practice to play with the words and hide the true facts especially in our desperate times which call for desperate measures. A similar story is Zain is dying to sell its African operations to get liquidity coz they are hanging dry but you don’t hear about the liquidity problem of course but you hear about how successful Zain is making TV ads hehehe.