Kuwait's Zain posts flat earnings
Foreign currency conversions, mainly in Sudan, cost the company
Zain, Kuwait's biggest telecom operator by subscribers, reported flat second-quarter profits on Sunday.
The former monopoly, which operates in eight countries in the Middle East and Africa, made a net profit of 44 million Kuwaiti dinars (Dh535.1m) in the three months to June 30, it said. That compared with a profit of 44.7m dinars in the year period last year.
EFG Hermes had forecast a net profit of 39.8m dinars, while SICO Bahrain forecast a net profit of 36.7m dinars.
Zain said foreign currency conversions, mainly in Sudan, had cost the company US$58m in the first six months of 2017.
Second-quarter revenue was 261m dinars, down from 274.9m dinars a year ago.
In Kuwait, Zain competitors include Viva, an affiliate of Saudi Telecom Co.
Zain said in December it was in talks to sell its mobile transmitter towers to a consortium comprised of TASC SAL and ACWA Holding.
Updated: August 6, 2017 05:44 PM