Zain Saudi, the kingdom's No.3 telecoms operator, has registered a net loss of SR349 million ($93.1 million) in the second quarter compared to a net loss of SR448.2 million the previous year in line with analyst forecasts.
Five analysts polled by Reuters on average forecast that the indebted telecoms operator would make a quarterly loss of SR350 million.
Zain Saudi, an affiliate of Kuwait's Zain, has struggled under mounting losses and multi-billion dollar debts. However it managed to narrow the second quareter loss.
In a bourse statement, the company attributed the narrowing loss to a decrease in financing costs.
The company's quarterly gross profit was SR1.41 billion, down from SR1.64 billion riyals a year ago.
The operator's share of the kingdom's mobile subscribers fell four percentage points to 12 percent in 2011, according to Zain's annual report, leaving it a distant third to Saudi Telecom Co and Etihad Etisalat (Mobily).
A $1.6 billion rights issue aimed at writing off some of Zain Saudi's liabilities had sold only 54 percent of shares available, the lead manager said on Monday.
The company's liabilities totalled 22.9 billion riyals as of March 31, and it is also refinancing a $2.5 billion syndicated loan that matures in July.
Qatar Chamber gets ‘nod’ for QR2bn venture
Qatar Chamber (QC) received preliminary approval from concerned authorities to establish its ambitious QR2bn private company. Expected to emerge as a key driver in the transformation of Qatar’s indus
QE index inches up
Qatari stocks showed marginal gains last week as the country’s main index inched up 14.04 points (0.14 percent) to 10,389.10.
The trading value (of over QR1.58bn), though, declined over t
Dubai World arm sells Atlantis
A unit of Dubai World has sold its Atlantis resort, which sits on a palm tree-shaped island in the Gulf, in an asset shuffle between state entities to help the group meet huge debt repayments after