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FINANCIAL NEWS
Zain Saudi’s Q4 net loss contracts 11%
19 Jan 2012
(MENAFN) Zain Saudi Arabia said that net loss in the fourth quarter declined 11 percent to USD122.9 million, compared with USD138.90 million in 2010’s same period, reported Arab News.
The firm added that accumulated losses reached USD2.55 billion, representing almost two-thirds of Zain’s USD3.73 billion of share capital.
The telecoms operator also said that full-year revenue rose 13 percent from 2010’s USD1.57 billion, to reach USD1.78 billion, moreover, according to fourth quarter results, Zain’s liabilities reached USD5.5 billion, and it has to make a quarterly profit.
It is worth noting that Zain Saudi said in October that it would ask shareholders to approve slashing capital by 66 percent in order to lessen its losses.
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