Zain Saudi Q1 net loss narrows from higher revenues

21/04/2016 12:03 AST

Telecom operator Zain Saudi reported a narrowing first-quarter loss on Thursday, narrowly missing analysts' forecasts.

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 Co (STC) and Etihad Etisalat (Mobily).

Zain Saudi, 37-percent owned by Kuwait's Zain, made a net loss of 250 million riyals ($66.7 million) in the three months to Mar. 31, according to a bourse statement. This compares with a net loss of 257 million riyals in the prior-year period.

The average of three analysts polled by Reuters was for Zain Saudi to make a quarterly net loss of 239 million riyals.

Quarterly revenue of 1.77 billion riyals was up from the 1.68 billion riyals recorded in the same period a year ago.

In March, sources told Reuters that Zain was in the process of narrowing down potential bidders for Zain Saudi's mobile transmitter towers. If sold, the proceeds would be used to pay down some of the Saudi company's debt.

Zain Saudi's chief executive confirmed later that month it was considering a joint ownership deal or a sale of its towers. ($1 = 3.7490 riyals)


Reuters

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