Friday 10 July 2020

Zain Saudi Q2 net loss narrows

DUBAI, July 15, 2015

Telecom operator Zain Saudi reported a narrowing second-quarter loss on Wednesday, beating analyst forecasts as its operational performance improved.

The company has yet to make a quarterly profit since launching services in 2008 and has battled to compete against better-resourced rivals Saudi Telecom Company (STC) and Etihad Etisalat (Mobily).

Zain Saudi, 37-per cent owned by Kuwait's Zain, made a net loss of SR201 million in the three months to June 30. This compares with a net loss of SR329 million in the prior-year period, the firm said in a bourse statement.

Analysts forecast Zain Saudi would make a quarterly net loss of SR259 million. - Reuters

Tags: Telecom | zain saudi | loss |

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