Kuwait's Zain Group reports 3 pct rise in Q1 profit

Zain made KWD38 million ($124.95 million) in the three months to March 31.

DUBAI, May 2 (Reuters) - Kuwaiti telecom group Zain reported on Tuesday a three percent rise in first-quarter net profit.

The former monopoly, which operates in eight countries in the Middle East and Africa, made 38 million dinars ($124.95 million) in the three months to March 31, it said in an emailed statement.

Revenues fell 11 percent to 247 million dinars.

EFG Hermes analysts had forecast a profit of 37.41 million dinars while SICO Bahrain had forecast a 32 million dinar profit.

($1 = 0.3041 Kuwaiti dinars)

(Reporting by Alexander Cornwell; editing by Jason Neely) ((Alexander.Cornwell@thomsonreuters.com;))