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FINANCIAL NEWS
Kuwait’s Zain net profit drops by 9 percent in Q1
25 Apr 2016
(MENAFN) Zain, Kuwaiti’s major telecommunications operator posted a 9 percent year-on-year drop in Q1, spreading an earnings slump as foreign exchange losses grew.
The firm which works in eight nations in the Middle East and Africa recorded revenue of USD 123mn in the cited quarter of this year.
Moreover, the company posted falling profits in six of the preceding seven quarters as tougher local competition.
Additionally, the firm’s losses were from Iraq and valued USD 35mn, up from USD 7mn a year earlier, while Q1 income was USD 917.977mn.
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