Zain Saudi net loss narrows in Q2
Dubai, July 17, 2013
Indebted telecom operator Zain Saudi reported a narrower second-quarter loss on Tuesday, in line with analyst forecasts, as revenue rose and financing costs fell.
Saudi Arabia's No.3 mobile company, 37-per cent owned by Kuwait's Zain, made a net loss of 370 million riyals ($98.7 million) in the three months to June 30, it said in a bourse statement. That compares with a net loss of 394 million riyals in the prior-year period.
Analysts polled by Reuters on average forecast Zain Saudi would make a quarterly loss of 374 million riyals.
The company has multi-billion dollar debts and has yet to make a quarterly profit since launching operations in 2008.
Zain Saudi agreed a deal with the government in June that would allow it to defer payment of licence-related fees, which could total around $1.49 billion over seven years.
Quarterly revenue was 1.71 billion riyals, up from 1.57 billion riyals a year ago.
Zain this increase "resulted from the increased number of subscribers", but did not give further details.
It said financing costs in the second quarter were 174 million riyals, down 21 per cent on the corresponding period of last year. - Reuters
More IT & Telecommunications Stories
- Du joins new global cable consortium
- Kuwait moves to create telecoms watchdog
- Batelco backs Royal Fund for Martyrs
- Egypt's Global Telecom posts $749m Q4 loss
- Red Hat launches open source BPM suite
- Batelco announces new board
- Batelco offers improved broadband
- You don't own phone numbers, warns TRA
- Tech giants back top Qatar ICT event
- Du to provide wifi access in public areas
- Zain finalises $800m, five-year loan facility
- Ooredoo Q4 net profit falls 36pc to $140m
- Mobily, Etisalat team up for LTE roaming
- Batelco approves $84m dividends for 2013
- Etisalat Q4 profit rises 70pc to $394m
- Kenya telecom firm to join Etisalat SmartHub
- Aruba appoints new sales director
- Du enters $1.17 billion financing deals
- VIVA extends 4G LTE offer
- Batelco to update students with latest technologies
- Etisalat SmartHub seals IPX agreement
- Etisalat picks Alcatel for LTE network expansion
- Boeing, QCRI host machine learning forum
- Mobily provides 4G LTE international roaming
- Viva Kuwait, Huawei to set up innovation centre
- Etisalat, Airtel deal to boost network services
- Batelco offers 4G LTE backup solution
- Arbor unveils ‘Peakflow’ solution
- Etisalat launches enterprise mobility services
- STC launches advanced 4G network