Arab Today, arab today kuwait telecoms giant zain profit down 132
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Blaming exchange rate fluctuations

Kuwait telecoms giant Zain profit down 13.2%

Arab Today, arab today

Arab Today, arab today Kuwait telecoms giant Zain profit down 13.2%

Kuwaiti telecoms giant Zain
Kuwait City - Arab Today

Kuwaiti telecoms giant Zain reported a 13.2 percent fall in third quarter net profit Tuesday, blaming rising competition and exchange rate fluctuations.
The company posted net profit of 46 million dinars ($159 million) in the three months to September 30, compared to 53 million dinars ($183.4 million) in the same quarter last year.
Zain said foreign currency fluctuations, especially in Sudan and Iraq, and the appreciation of the US dollar against the Kuwaiti dinar had cost the company $111 million so far this year, half of it in the third quarter.
Net income for the first nine months dropped 3.0 percent to $557 million from $574.4 million in the same period of 2013.
"Zain’s ability to maintain relatively stable revenues and healthy profit margins for the first nine months of the year is an achievement, reflecting the company’s ability to deal competently with the rise in competition and the other business and social challenges it faces," chairman Asaad al-Banwan said.
Consolidated revenues at the end of the third quarter hit $3.18 billion, almost unchanged from $3.2 billion the previous year.
The company's customer base dropped by 1.4 percent to 43.7 million.
Besides Kuwait, where it is the largest mobile phone operator, Zain has operations in Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia and Sudan. It also manages a unit in Morocco.
The Kuwaiti government holds a stake of almost 25 percent in the company, which is one of three mobile operators in the Gulf emirate, alongside National Telecommunications Co. (Wataniya) and Kuwait Telecommunications Co. (VIVA).
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait telecoms giant zain profit down 132 Arab Today, arab today kuwait telecoms giant zain profit down 132

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait telecoms giant zain profit down 132 Arab Today, arab today kuwait telecoms giant zain profit down 132

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday