Zain Saudi net loss narrows on cost cuts

Indebted telecom operator Zain Saudi reported a narrower second-quarter loss on Tuesday, in line with analyst forecasts, as revenue rose and financing costs fell.

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Published: Wed 17 Jul 2013, 10:10 PM

Last updated: Fri 3 Apr 2015, 7:57 AM

Saudi Arabia’s No.3 mobile company, 37 per cent owned by Kuwait’s Zain, made a net loss of 370 million riyals ($98.7 million) in the three months to June 30, it said in a bourse statement. That compares with a net loss of 394 million riyals in the prior-year period.

Analysts polled by Reuters on average forecast Zain Saudi would make a quarterly loss of 374 million riyals.

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