MTC Q3 and year-to-date financials ‘solid’

8 Nov 2004

MTC, a leading mobile operator in Kuwait, Jordan, Iraq and Lebanon, and parent of MTC-Vodafone in Bahrain, has reported consolidated revenues of KWD84.15 million (USD286.93 million) for the three months to 30 September, lifting turnover for the first nine months of the year to KWD236.81 million, a 22.2% rise on the same period of 2003. In the same period net income reached KWD89.47 million, of which KWD29.44 million was generated in Q3. The group’s chairman and managing director Ahmed Al Nassar said ‘MTC’s results during the first three quarters exceeded budget expectations’, adding that he expects 2004 to be ‘a very good year in terms of financial and operational performance’. During the third quarter, MTC-Vodafone increased its active subscriber base by 58% over the second quarter. At the end of September 2004 the Bahraini cellco claimed to have a market share of 13%.

Kuwait, Zain Kuwait, Zain Bahrain,

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