Wataniya, leading KUWAIT based mobile telecommunication company has declared second quarter results.
The company has informed that it has clocked more than double profit during the second three month period.
The company stated in a communiqué that its net income surged to KD63.5 million (Dh814m), or 126.74 fils a share, from KD26.5 million, or 52.97 fils, in the year-earlier period.
Landline monopoly Telecom Egypt has clocked 16% growth in consolidated net profit at 789 million Egyptian pounds during second quarter.
According to the firm, its net profit margin stood at 29.5% on total consolidated revenue of 2.68 billion pounds.
The firm said it had 9.8 million fixed-line subscribers by end-June, a reduction of 1.88 million on a year earlier.
Company's average revenue per user (ARPU) jumped to 59.6 pounds per month versus 50.5 pounds in the second quarter of fiscal 2008.
Abu Dhabi National Energy Company (Taqa) has announced that its net income has witnessed a slump of 70% in the second quarter due to lower oil and gas prices. Taqa's net earnings plunged to Dh136 million in the second quarter of 2009, from Dh472 million in the second quarter of fiscal 2008.
Company's total revenue declined by 4.5%, from Dh4.6 billion to Dh4.4 billion, during the period under review. However, company's earnings from electricity and water business surged by 14% from Dh1.4 billion to Dh1.6 billion in the same period.
A decline in the value of the investment properties had an adverse impact on Dubai-based developer Union Properties, which posted a second quarter loss of AED228m
(US$62.1m) Thursday, compared to a profit of AED317.7m in the year-earlier period.
A net loss of AED197.8m was suffered by the Dubai index heavyweight in the first half of the year, compared to a profit of AED556.1m, on revenue that was unchanged at AED1.86bn.
The value of the firm's investment properties was lowered by the slowing property market by AED304m in the first half.
A loss of KD1.26 million ($4.39 million) was recently posted by Kuwaiti low-cost carrier Jazeera Airways for the second quarter, subsequent to a restructuring of its network.
The company's chief executive Stefan Pichler expressed that the revenues in Q2 were somewhat affected by the restructuring of the network from a dual hub to a single hub operation.
A net loss of KD897,895 had been posted by Jazeera in the second quarter of 2008.
Bahrain-based Gulf International Bank has announced a second three month period loss at $65.4 million as it took provisions against rising loan defaults.
The sources said that the lender, which is owned by the six nations that form the Gulf Cooperation Council, ascribed the loss to a net provision charge of $101.3 million it took during the second quarter.
National Central Cooling Company PJSC (Tabreed), the Abu-Dhabi based utility company, has clocked 12% decent growth in gross income to Dh170.9 million compared to Dh152.5 million in fiscal 2008.
In the latest period, company's total revenue surged by 22% at Dh373.8 million, compared to Dh307.6 million in the same period in fiscal 2008.
Company's net income also witnessed a growth by 12% to Dh57.6 million compared to Dh51.4 million in the same period in 2008.
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