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FINANCIAL NEWS
Zain Saudi cuts net loss in Q4
16 Jan 2011
(MENAFN) Officials at Saudi Mobile Telecommunications Company (Zain Saudi) said that due to an increased customer base and widened network coverage, it has cut its losses by 21 percent during the October-December period of 2010, year on year, Reuters reported.
According to company officials, during the mentioned period, the Kingdom’s newest mobile phone operator made a net loss of $138.9 million compared to a net loss of $174.7 million during the corresponding period a year earlier.
During the October-December period, Zain Saudi, which paid a hefty $6 billion for its license and has borrowed heavily to fend off cash-rich rivals; state-controlled Saudi Telecom Co and Mobily, which is affiliated with Emirates Telecommunications, posted a soar in revenues of 132 percent to $219.7 million, while operational loss fell by 59 percent to $47.6 million, revealed company officials.
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