Monday, Apr 15, 2013
RIYADH (Zawya Dow Jones)--Mobile Telecommunications Co. of Saudi Arabia (7030.SA), better-known as Zain Saudi Arabia, Monday reported a net loss of 398 million riyal ($106 million) in the first quarter, a 10% smaller loss than in the same period a year earlier.
EFG Hermes had forecast an SAR433 million loss for the company, Saudi Arabia's third-largest telecoms provider. The company, 37% 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% year-on-year increase in revenue, to SAR1.78 billion, and a 25% drop in financial charges helped the company narrow its loss from the first quarter in 2012.
The share price closed at SAR8.25, down 0.60%.
Write to Ellen Knickmeyer at ellen.knickmeyer@dowjones.com
(END) Dow Jones Newswires
15-04-13 1513GMT
