FINANCIAL NEWS

Zain Saudi Arabia’s Q1 loss narrows to $177m

20 Apr 2010

(MENAFN) Zain Saudi Arabia, 25-percent owned by Kuwait’s Zain Group, said that its net loss has narrowed in the first quarter of 2010 to $177 million, compared with $204 million a year earlier, Reuters reported.

The company, which started operations in late 2008, said in January it was in talks with creditors after missing some commitments last year on a $2.5 billion Islamic loan.

Zain, which competes with Saudi Telecom Co and Etihad Etisalat (Mobily), said the loss had narrowed after it cut costs and increased its customer base by more than 101 percent in the quarter compared to last year, without giving figures.

The auditors of Zain Saudi Arabia said in an addendum to the earnings statement that current liabilities exceeded assets but the firm believed it could honor its obligations.

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