Mubasher: Kuwait Telecommunication Co (Viva) achieved an increase of 17.8% in profits to KWD 50.42 million ($166.6 million) in fiscal year 2018 compared to KWD 42.8 million in the prior year.

The rise in FY18 earnings is attributed to the company’s programme to reduce costs in 2018, according to a bourse disclosure on Tuesday.

During the fourth quarter of 2018, Viva posted a decline of 6.9% in profits to KWD 13.05 million from KWD 14.01 million in the same quarter in 2017.

The board members have recommended 40% of capital or 40 fils per share as cash dividends for FY18.