Kuwait-based Zain's 2011 Net Pft At $1.03B Vs $1.02B A Yr Ago

Tuesday, Feb 14, 2012

DUBAI (Zawya Dow Jones)--Kuwait's Mobile Telecommunications Co., better known as Zain (ZAIN.KW), posted a 2011 net profit of $1.03 billion dollars, compared to $1.02 billion in the previous year, the state-run Kuwait News Agency, or Kuna, reported late Monday.

"The group was affected by the ups and downs of the global currency markets which cost the company $124 million," Zain's Chairman As'ad Ahmad Al-Banawan said.

Zain's total subscribers grew 8% in 2011 to over 40.2 million active subscriber, according to Kuna.

The telco's shares closed 2.3% higher Monday at KWD0.880.

-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 0501GMT