16 April 2013
JEDDAH - Mobile Telecommunications Co. of Saudi Arabia, better-known as Zain Saudi Arabia, Monday reported a net loss of SR398 million ($106 million) in the first quarter, a 10 percent smaller loss than in the same period a year earlier.
EFG Hermes had forecast an SR433 million loss for the company, Saudi Arabia's third-largest telecoms provider. The company, 37 percent owned by Kuwait's Zain Group, has lost money every year since its formation. Its liabilities as of the three-month period ended March 31 exceed its assets, Zain said in its earnings statement, posted on the website of the Saudi stock exchange.
A 17 percent year-on-year increase in revenue, to SR1.78 billion, and a 25 percent drop in financial charges helped the company narrow its loss from the first quarter in 2012.
Meanwhile, Zain KSA has launched the "Caching Back" promotion for Golden Warranty cardholders from Future Modern Products (FMP), which allows them to recover up to SR2,000 on subscribing to Mazaya postpaid packages (Elite, Premium) or Hala prepaid package.
JEDDAH - Mobile Telecommunications Co. of Saudi Arabia, better-known as Zain Saudi Arabia, Monday reported a net loss of SR398 million ($106 million) in the first quarter, a 10 percent smaller loss than in the same period a year earlier.
EFG Hermes had forecast an SR433 million loss for the company, Saudi Arabia's third-largest telecoms provider. The company, 37 percent owned by Kuwait's Zain Group, has lost money every year since its formation. Its liabilities as of the three-month period ended March 31 exceed its assets, Zain said in its earnings statement, posted on the website of the Saudi stock exchange.
A 17 percent year-on-year increase in revenue, to SR1.78 billion, and a 25 percent drop in financial charges helped the company narrow its loss from the first quarter in 2012.
Meanwhile, Zain KSA has launched the "Caching Back" promotion for Golden Warranty cardholders from Future Modern Products (FMP), which allows them to recover up to SR2,000 on subscribing to Mazaya postpaid packages (Elite, Premium) or Hala prepaid package.
© The Saudi Gazette 2013
