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Zain's Q1 profit down 27%
- Kuwait: Thursday, May 09 - 2013 at 01:19
Kuwait's Zain has posted a 27% drop in first-quarter net profit, due to a steep devaluation in the Sudanese pound and loss-making unit Zain Saudi, Reuters has reported. The Gulf country's former monopoly made a net profit of KD52m ($182.6m) in the three months to March 31, down from KD70.9m a year ago. Sudan accounted for almost one third of Zain's customer base and a fifth of group revenue last year, but the country has been mired in economic turmoil following South Sudan's secession in 2011. "Operationally our group companies are performing well in local currency terms," said chief executive Scott Gegenheimer. "The adverse effect (from) ... the devaluation of the Sudanese pound ... is unavoidable as there is no effective hedge on the currency."
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