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FINANCIAL NEWS
Kuwaiti Zain group posts 32% drop in Q4 profit
15 Feb 2013
(MENAFN) Zain group chief executive, Scott Gegenheimer, stated that the Kuwaiti firm’s profit declined by 32 percent in the fourth quarter to USD179.04 million from USD264.01 million in 2011’s same period, reported Arabian Business.
Gegenheimer attributed the fall to foreign exchange losses that reached USD109 million.
Kuwait’s biggest telecom operator didn’t detail the origin of its foreign exchange losses, however, it’s likely that they have been generated from its Sudanese unit, as the pound was depreciated by 40 percent in July and declined to a near-record low in late January.
On the other hand, profit for full 2012 dropped to USD892.2 million, compared with USD1 billion in the previous year.
It is worth noting that Zain operates in Jordan, Iraq, Saudi Arabia and Sudan.
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