Zain blames forex loss for Q3 profit decline
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Zain blames forex loss for Q3 profit decline

Zain blames forex loss for Q3 profit decline

Kuwait's Zain has posted a 15% fall in quarterly profit, hit by a foreign exchange loss, Reuters has reported. Zain made a third-quarter net profit of KD59.7m ($213m), while revenue fell 5.4% to KD311m. "During this (nine-month) period Zain Group operations came under significant pressure with respect to extreme currency fluctuations in some of the markets in which we operate," chairman Assad Al Banwan said. That cost Zain the equivalent of $146m, he said.

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