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FINANCIAL NEWS
27% net profits slump reported by Kuwait’s Zain
09 May 2013
(MENAFN) Kuwait’s Zain announced that its net profits during the first 3 months of the year declined by 27 percent, reported Arabian Business.
The company’s net profits until the end of the period were USD182.6 million, a huge fall compared to the profits of the same period last year which were USD248.746 million.
Quarterly revenue went down to USD1 billion compared to USD1.14 billion in 2012’s same period.
It’s worth noting that the group’s operation results were harmed by the devaluation the Sudanese currency that affected Zain’s Sudan performance.
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