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FINANCIAL NEWS
Zain profits decline 13% in Q3, FX losses blamed
03 Nov 2011
(MENAFN) Kuwait-based Zain registered 13 percent fall in quarterly net profits, blaming FX losses, Reuters reported.
Zain made foreign exchange losses of USD25 million in the three months to September 30.
The telecoms operator said it made a net profit of USD254 million in the third quarter, a decline from USD291.3 million a year earlier. Revenues fell to USD1.1 billion from USD1.2 a year earlier.
Customers base grew 17 percent to 41.4 million by September-end, Zain said in the statement.
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