Telco Zain Saudi Q3 Net Loss Narrows, Meets Estimates
Zain Saudi made a net loss of SAR316 million ($84.23 million) in the three months to Sept. 30.
Telecom operator Zain Saudi reported a narrowing third-quarter loss on Tuesday, roughly in line with analyst forecasts as margins improved, provisions fell and Internet usage increased.
The company has yet to make a quarterly profit since launching services in 2008 and has struggled to compete against better-resourced rivals Saudi Telecom Co (STC) and Etihad Etisalat (Mobily).
Zain Saudi, 37-per cent owned by Kuwait’s Zain, made a net loss of SAR316 million ($84.23 million) in the three months to Sept. 30. This compares with a net loss of SAR421 million in the prior-year period.
Analysts polled by Reuters on average forecast Zain Saudi would make a quarterly loss of SAR329.7 million.
Zain Saudi attributed its narrowing quarterly loss to improved margins, rising demand for Internet services and lower provisions.