Zain Saudi Q3 loss widens to $131m
Riyadh, October 16, 2012
Indebted telecom operator Zain Saudi reported a widening third-quarter net loss on Tuesday, citing a move in call traffic from international to national calls.
Saudi Arabia's No.3 mobile company, an affiliate of Kuwait's Zain, made a net loss of 493 million riyals ($131 million) in the three months to September 30. This compares with a net loss of 484 million riyals in the year-earlier period.
In a bourse statement, the company said: "The principal reason for the increase in the net loss... has been the rebalancing of significant volumes of traffic from international to national destinations". - Reuters