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Zain posts 32% drop in Q4 profit
- Kuwait: Sunday, February 17 - 2013 at 05:05
Kuwaiti telecoms group Zain has reported a 32% drop in fourth-quarter profit, due to foreign exchange losses, Reuters has reported. The company, which operates in eight countries in the Middle East and Africa including Iraq, Saudi Arabia and Sudan, made a net profit of KD50.47m ($179.04m) in the three months to December 31, down from KD74.6m in the year-earlier period. "Last year was difficult for Zain group due to sharp fluctuations in currency rates," Zain said, adding that these fluctuations led to losses of $109m. Full-year profit for 2012 fell to KD252.1m from KD284.9m in the previous year.
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