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Zain KSA net loss narrows further
- Saudi Arabia: Monday, April 15 - 2013 at 21:15
The Tadawul All-Share Index closed 0.70% lower at 7,145.6 points Monday as global markets were unsettled by China's GDP y-o-y growth of 7.7% in Q1, lower than economists expected. Shares of Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, declined 0.60% to close at SR8.25. Earlier in the day, the telecom firm said its net loss during Q1 amounted to SR398m, as compared to SR420m for the same quarter last year, representing a decrease in net loss of 5% and a decrease of 10% quarter-on-quarter. Zain KSA said a decline of financial charges by 25% helped to shrink the net loss. On April 3, Zain KSA extended the maturity of a $600m Islamic financing facility for the umpteenth time. The new deadline is May 1, 2013. Since its launch in Dec. 2008, Zain Ksa, which is owned 37% by Kuwait's Zain, has not generated profits.
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Gérard Al-Fil, Financial JournalistMonday, April 15 - 2013 at 21:15 UAE local time (GMT+4)
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