kuwaits zain posts 266 fall in profits
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Kuwait's Zain posts 26.6% fall in profits

Arab Today, arab today

Arab Today, arab today Kuwait's Zain posts 26.6% fall in profits

Kuwaiti telecoms firm Zain
Kuwait City - AFP

Kuwaiti telecommunications giant Zain said on Tuesday its net profit for the first quarter of 2015 dived 26.6 percent over negative performance in Iraq and losses by its Saudi unit.

The largest mobile operator in Kuwait said it posted a net profit of 41 million dinars ($136.2 million) in the first three months of 2015 compared with 55.9 million dinars ($185.7 million) in the same period last year.

The dive in profits was attributed to the security situation in Iraq that has hit its operations there hard, in addition to losses by its Saudi subsidiary and a $270-million investment by Zain Jordan to launch 4G technology.

"The quarter reflected mixed results in what were quite challenging conditions in several of our key markets, especially Iraq," CEO Scott Gegenheimer said.

Revenues also dropped 16.7 percent to $942 million on March 31 from $1.1 billion a year ago, Zain said in a statement.

Besides Kuwait, Zain has operations in Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia and Sudan. It also manages a unit in Morocco.

The number of total subscribers remained unchanged at around 46 million across the eight countries.

Zain, in which the government holds a stake of almost 25 percent, is one of three mobile operators in the emirate, along with the National Telecommunications Co. (Wataniya) and Kuwait Telecommunications Co. (VIVA).

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwaits zain posts 266 fall in profits kuwaits zain posts 266 fall in profits

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwaits zain posts 266 fall in profits kuwaits zain posts 266 fall in profits

 



GMT 02:50 2017 Thursday ,12 October

14 dead, 25 missing after China landslide

GMT 09:05 2017 Thursday ,06 April

Asian markets sink with Wall St after Fed minutes

GMT 15:03 2017 Wednesday ,20 September

King Salman allocates $15 million for Rohingya refugees

GMT 02:15 2017 Wednesday ,12 July

ASEAN, Japan to strengthen economic cooperation

GMT 03:00 2018 Wednesday ,12 September

HM King hails Bahrain-US ties

GMT 07:43 2017 Monday ,06 February

Extremists puncture houses in Mousl to escape 

GMT 09:48 2016 Saturday ,27 August

South Sudan wants big budget

GMT 06:31 2018 Wednesday ,03 January

BP says to take $1.5bn hit on US tax reforms

GMT 05:45 2017 Wednesday ,13 December

Japan carmakers make fresh push on hydrogen stations

GMT 10:33 2014 Wednesday ,10 September

Tesla chief says self-driving cars just around corner

GMT 09:00 2017 Monday ,15 May

Oman to host World Cancer Congress 2020

GMT 13:41 2017 Wednesday ,18 January

Indian court clears Bollywood star Salman Khan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday