Kuwait’s Zain Group reports lower third-quarter profit
EFG Hermes had forecast a net profit of 39.64 million dinars
Dubai - Muslimchronicle
Zain Group’s net income declined 7 percent in the third quarter, which the Kuwait-based telecom group said was largely due to the devaluation of the Sudanese pound.
Zain, which operates in eight countries in the Middle East and Africa, made a net income of 40 million dinars in the three months to September 30, compared with 43 million dinars in the year ago period.
EFG Hermes had forecast a net profit of 39.64 million dinars, while SICO Bahrain forecast a net profit of 39.13 million dinars.
Zain said in a statement on Saturday that unfavorable foreign exchange rates, predominantly due to a 63 percent devaluation in the Sudanese pound, cost the company $148 million in revenue and $20 million in net income.
Consolidated revenue was down nearly 7.2 percent to 259 million dinars.
Oman Telecommunications has said it plans to buy an additional 12 percent stake in Zain after first investing in the Kuwaiti telecom in the third quarter.
Source:Arabnews
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