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FINANCIAL NEWS
Kuwait’s Zain reports USD213m profit in Q3
22 Oct 2012
(MENAFN) Kuwaiti telecom operator Zain reported a 15 percent decline in quarterly profits, hurt by a foreign exchange loss, Reuters reported.
The company said it earned USD213 million net profit during the third quarter, while revenues dropped by 5.4 percent to USD1.11 billion.
Chairman Assad Al Banwan said that “extreme currency fluctuations” weighed on its operations during the nine months to September. That cost Zain the equivalent of USD146 million, he added.
The group’s Iraqi unit Zain Iraq plans to push through with a stock market listing in Baghdad by early 2013 at the latest.
Zain’s holding in its Iraq unit will fall to 51 percent from 76 percent if the IPO is fully subscribed.
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