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Zain KSA net loss shrinks slightly
- United Arab Emirates: Monday, February 18 - 2013 at 21:24
In Riyadh, equity market index Tasi lost 0.21% to close at 7,056.53 points. Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, finished flat at SR8.30. Earlier in the day, Zain KSA said in 2012, it suffered a net loss of SR1.749bn, compared to SR1.92bn in the 2011, which represents a decrease of 9% year-on-year. The firm said in a statement to the Tadawul bourse the principal reason for the decrease in net loss were related to the "continuous sound control over the operating expenses, the decrease in finance charges." Zain KSA added "Furthermore, its current liabilities exceeded its current assets and it has an accumulated deficit as of that date. During the year, the Company has obtained approval from the Murabaha Investors to extend the Murabaha Facility for additional period up to February 27, 2013. Based on its business plan, the Company believes that it will be successful in meeting its obligations in the normal course of operations and in its efforts to secure the necessary funding and refinancing of its current financial obligations to the bank.
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Gérard Al-Fil, Financial JournalistMonday, February 18 - 2013 at 21:24 UAE local time (GMT+4)
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