Zain Saudi’s Q1 net loss narrows

Zain Saudi reported a first-quarter loss on Wednesday which narrowed from a year earlier and beat analyst forecasts as the telecom operator cut costs and data revenue surged.

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Published: Thu 17 Apr 2014, 11:26 PM

Last updated: Fri 3 Apr 2015, 8:41 PM

Saudi Arabia’s No 3 mobile company, 37 per cent owned by Kuwait’s Zain, made a net loss of 318 million riyals ($84.8 million) in the three months to March 31 versus a loss of 398 million a year earlier.

Analysts polled by Reuters forecast a loss of 400 million riyals on average. Earnings before interest, taxation, depreciation and amortisation (EBITDA) of 300 million riyals were up 45 per cent.

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