1 minute ago 2009-11-30T22:50:01-08:00
KUWAIT CITY (AFP) – Kuwait's Zain telecom on Sunday posted a massive 52.7 percent drop in third-quarter profit and a smaller decline in its nine-month net income, the company said in a statement.
Zain recorded a profit of 41.2 million dinars (144 million dollars) in the three months to September 30 compared to 87.2 million dinars (305 million dollars) in the same period last year, a statement posted on the Kuwait bourse website said.
Its nine-month profit dropped from 235.16 million dinars (822 million dollars) last year to 195.7 million dinars (684 million dollars) in 2009, a decline of 16.8 percent.
The statement gave no reason for the slide in profit.
Zain is the largest of three mobile operators in Kuwait, the other two being the Qatar Telecom-controlled National Telecommunications Co (Wataniya) and Kuwait Telecommunications Co (VIVA), run by Saudi Telecom.
