Kuwait's Zain net profit slides 31 percent in Q1
Kuwaiti telecommunications giant Zain announced today that first quarter net profit dived by 31.7 per cent due to the continued impact of the global financial crisis.
By Agencies |
KUWAIT CITY: Kuwaiti telecommunications giant Zain announced today that first quarter net profit dived by 31.7 per cent due to the continued impact of the global financial crisis.
The company said it posted a net profit of USD 179.1 million compared to USD 262 million in the year-earlier quarter.
"Local, regional and international markets are still reeling under the global financial crisis which posed a challenge to the group," a statement quoted chairman Asaad al-Banwan as saying.
Zain is in the process of finalising the sale of its operations in 15 African nations to India's top mobile operator, Bharti Airtel, for USD 10.7 billion, which includes USD 1.7 billion in debt.
Banwan said Zain operations in the Middle East recorded an encouraging normal growth during the first quarter. Its Middle East customer base rose to 31.4 million clients on March 31 from 24.6 million a year earlier.
Zain's net profit in 2009 slumped by 39 per cent to 677 million dollars from USD 1.11 billion the previous year.
Shareholders' equity increased by 10 per cent to USD 8.72 billion at the end of the first quarter from USD 7.95 billion.
Capitalisation rose to USD 20.5 billion as of today, compared to USD 12 billion a year earlier.
Zain, in which the state owns a 24.6 percent stake, is one of three mobile operators in Kuwait, along
The company said it posted a net profit of USD 179.1 million compared to USD 262 million in the year-earlier quarter.
"Local, regional and international markets are still reeling under the global financial crisis which posed a challenge to the group," a statement quoted chairman Asaad al-Banwan as saying.
Zain is in the process of finalising the sale of its operations in 15 African nations to India's top mobile operator, Bharti Airtel, for USD 10.7 billion, which includes USD 1.7 billion in debt.
Banwan said Zain operations in the Middle East recorded an encouraging normal growth during the first quarter. Its Middle East customer base rose to 31.4 million clients on March 31 from 24.6 million a year earlier.
Zain's net profit in 2009 slumped by 39 per cent to 677 million dollars from USD 1.11 billion the previous year.
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Shareholders' equity increased by 10 per cent to USD 8.72 billion at the end of the first quarter from USD 7.95 billion.
Capitalisation rose to USD 20.5 billion as of today, compared to USD 12 billion a year earlier.
Zain, in which the state owns a 24.6 percent stake, is one of three mobile operators in Kuwait, along
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