Feb 14 2012 |
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UPDATE: Kuwait's Zain 4Q Net Pft -14% On Foreign Exchange Fluctuations
Tuesday, Feb 14, 2012
--4Q net profit -16% as foreign exchange losses mount
--Result broadly inline with analyst expectations
(Recasts, adds details.)
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Kuwait's Mobile Telecommunications Co., better known as Zain (ZAIN.KW), Tuesday posted a 14% decline in fourth quarter net profit, compared with a year ago, as losses from currency movements mounted.
The latest result was in bang line with the KWD75 million result penciled in by analysts at Bahrain's SICO, while analysts at Kuwait-based Global Investment House had forecast KWD70 million.
Zain shares last traded 1.1% lower at KWD0.87.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
14-02-12 0812GMT
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