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FINANCIAL NEWS
Zain Saudi reports USD118m loss in Q4
21 Jan 2013
(MENAFN) Loss-making Zain Saudi said its quarterly loss shrank by 4 percent over a decline in financial charges, but its operational loss widened, Reuters reported.
The debt-laden telecom operator said it incurred USD118.1 million net loss during the fourth quarter ended December 31, an improvement from USD122.8 million a year earlier.
Quarterly gross profit was USD196.8 million , up from USD184.02 million a year ago, the company added.
However, operational loss in the quarter grew by 23 percent to USD69.77 million from USD56.7 million for the same quarter last year.
Zain Saudi said it incurred USD452.7 million loss for the full-2012, down from USD513.97 million in 2011.
Parent firm Zain in July increased its stake in Zain Saudi to 37 percent from 25 percent after underwriting the affiliate’s capital restructuring.
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