Zain Saudi Q3 net loss widens
Tuesday, 16 October 2012
RIYADH: Indebted telecom operator Zain Saudi reported a widening third-quarter net loss on Tuesday, citing a move in call traffic from international to national calls.
Saudi Arabia's No.3 mobile company, an affiliate of Kuwait's Zain, made a net loss of 493 million riyals ($131 million) in the three months to Sept. 30. This compares with a net loss of 484 million riyals in the year-earlier period.
In a bourse statement, the company said "the principal reason for the increase in the net loss... has been the rebalancing of significant volumes of traffic from international to national destinations". (Reuters)