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FINANCIAL NEWS
Kuwait’s Zain reports USD395m profit in H1
29 Jul 2013
(MENAFN) Kuwait’s No.1 telecoms operator Zain posted a 14 percent decline in quarterly earnings on currency loss in Sudan, Reuters reported.
The company made USD214 million net profit in the second quarter, according to Reuters calculations based on the Zain’s first-half balance statement.
Zain said it made USD395 million net profit in the January-June period. Consolidated revenues in the period totaled USD2.14 billion.
The company said that depreciation of Sudan’s currency cost Zain USD347 million in revenues and USD80m in net profit during the first half.
The company’s base of customers expanded by 3 million over the past 12 months, raising its customer base to 44.4 million, according to Zain.
Customers increased 11 percent in Kuwait to 2.4 million, by 12 percent in Saudi Arabia to 8.3 million, and by 8 percent in Iraq to 13.9 million.
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