Zain KSA plummets as net loss increases in Q3
- Saudi Arabia: Tuesday, October 16 - 2012 at 18:08
The Tadawul All-Share Index recovered further from its two-month low it hit Saturday and closed Tuesday trading 0.40% higher at 6,749. Sabic rebounded for the second day, ending up half a percentage point to hit SR88.75. Mobile Telecommunications Company, known as Zain KSA, lost 4.40%, finishing at SR8.70. Earlier in the day Zain KSA said its Q3 net loss widened to SR493m, up from SR484 in Q3 2011. Commenting o on its interim financial results for the third quarter ending 30 September 2012 (nine months period), Zain KSA said this is to clarify that the 2% increase in net loss of the Company during the 3rd quarter of 2012 as compared to the same quarter of last year was due to the decrease in revenues resulting primarily from the price regulation imposed following the excessive price competition for international calls (that contributed to the revenue growth in the corresponding period of the last year). "The net loss during the 3rd quarter of 2012 increased by 25% as compared to the previous quarter mainly due to the increase in marketing and distribution costs during this quarter, including the Holy month of Ramadan and Eid Al Fitr Holiday," Zain KSA added in a statement to the Tadawul market.
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