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FINANCIAL NEWS
Kuwait’s Zain posts USD136.05m net profit in Q1
13 May 2015
(MENAFN) Zain Group, Kuwait’s leading telecom operator, recorded a net profit of USD136.05 million in the first quarter of the year, marking a decline by 26.7 percent, Arabian Business reported.
The downfall can be attributed to the drop in the Group’s Iraqi business, as the country continues to suffer from political turmoil and sturdy competition in the telecom market.
“The continued political instability in Iraq and heightened levels of competition, severely impacted Zain Iraq’s and consequently the Group’s overall key financial metrics,” Zain said in a statement.
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