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FINANCIAL NEWS
Zain sees 31% slump in Q1 profit
14 May 2010
(MENAFN) Kuwait’s Mobile Telecommunication Co, Zain, saw a 31 percent plunge in first-quarter net profit, mainly due to a restructuring of its operations, Reuters reported.
The country’s biggest mobile operator said that its quarterly net income was $179 million, with total revenues from the Middle East amounting to $1.15 billion.
Zain?s net profit in the year-earlier period was $261 million.
The firm?s Chairman, Asaad Al-Banwan, said in a statement that local, regional and global markets are still suffering from the global financial crisis, which sets more challenges for the group’s operations.
Al-Banwan added that a total restructure of the group’s operations was one of the main challenges in the first quarter.
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