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FINANCIAL NEWS
Zain Kuwait’s Q2 profit jumps to 14 percent
01 Aug 2016
(MENAFN) Kuwait’s Zain, No.1 telecom operator posted a 14 percent increase in Q2 profit, marking an extended earnings slump and helped by reduced foreign exchange losses.
However, the firm made falling profits in seven of the preceding eight quarters, in which operates in 8 nations in the Middle East and Africa and posted USD149mn profit.
On the other hand, the company did not provide a comparative figure, but it posted USD129.16mn a year earlier, while in Q2 it reached USD119.27mn and USD123.23mn.
Meanwhile, foreign exchange losses dropped to USD22mn, from USD35mn in the prior-year and second-quarter revenue fell 3 percent to USD906.09mn.
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