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FINANCIAL NEWS
Zain Saudi Q3 net loss down to USD129m
13 Oct 2011
(MENAFN) Zain Saudi said that since call volumes went up, in the third quarter, the telecoms operator’s net loss reached USD129 million, compared with USD145 million in 2010, reported Emirates 24/7.
The company added that the results indicated that Zain Saudi’s accumulated losses at the current time stood at USD2.4 billion, meaning that the company should complete a capital restructuring in order to lessen its losses and abide by the Saudi bourse rules.
It also said that the decline in Zain Saudi’s net loss in the third quarter resulted from the expansion in the number of the company’s subscribers, the increase in calls volume, and the higher demand of broadband services within the company’s own network.
It is worth noting that gross profit in the quarter grew to USD231.9 million from USD189.8 million in 2010.
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