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FINANCIAL NEWS
Saudi Zain Telecom Q4 net loss narrows, beating estimates
19 Jan 2017
(MENAFN) Telecom Zain Saudi reported a narrower fourth-quarter loss, beating estimates as revenue increased.
Moreover, the firm has to make a quarterly profit since launching services in 2008 and has battled to compete against better-resourced rivals Saudi Telecom and Etihad Etisalat (Mobily).
The firm, 37-percent owned by Kuwait’s Zain, made a net loss of USD36.00mn in the cited period, compared with a net loss of 291mn riyals in the last period.
Meanwhile, the company’s overall subscriber base dropped 12 percent year-on-year to 10.9mn subscribers as of Dec.31, 2016.
M
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