Wataniya reports growth in Algeria and Iraq

Kuwaiti telecoms group Wataniya has reported second quarter results for its wireless subsidiaries in Iraq and Algeria. Asia-Cell in Iraq, in which Wataniya holds a 40% stake, reported 754,000 subscribers at the end of June, representing a growth rate of 20% for the quarter. The group posted profits of USD685,000 in Iraq, on revenues of USD45.5 million. Meanwhile, Wataniya Telecom Algeria (Nedjma) had 694,000 subscribers at the end of the period, up from 474,000 three months earlier, and recorded a group net loss of USD9.25 million on a turnover of USD36.3 million. Nedjma launched GSM services in August 2004 and is 71% owned by Wataniya.