UPDATE 1-Kuwait's Wataniya says Q2 net profit up 140 percent

* Q2 net profit surges 140 pct to $221 mln

* Company said in June that Q2 would have provision reversal

* EPS 126.74 fils vs 52.97 in Q2 2008

KUWAIT, Aug 13 (Reuters) - Kuwait's National Mobile Telecommunications (Wataniya) (NMTC.KW) on Thursday posted a second-quarter net profit rise of 140 percent to 63.5 million dinars ($221.2 million).

However, Wataniya, a unit of Qatar Telecommunications Co QTEL.QA, said in June that its second-quarter earnings would reflect a 58.4 million dinar reversal of provisions, after winning a court ruling against the telecommunications ministry. [ID:nLO291534]

The company said on Thursday that it had a net profit at 63.5 million dinars ($221 million), beating a forecast of 12.5 million dinars from a Prime Emirates analyst.

In the first quarter, Wataniya posted a 4.4 percent fall in net profit to 15.3 million dinars, compared with 16 million dinars in the same period in 2008.

Earnings per share rose to 126.74 fils compared to 52.97 fils in the second quarter of 2008. There are 1,000 fils to the dinar.

Zain, Kuwait's biggest mobile telephone operator, last month posted a 5.5 percent rise in second-quarter net profit to 78.8 million dinars, compared with the year earlier period. [ID:nLL601576]

Shares in Wataniya closed up 2.4 percent on Thursday before the earnings were released. ($1=0.2871 dinars) (Reporting by Eman Goma; editing by Karen Foster)