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Zain logs 30 percent drop of profits in Q2
(MENAFN) Kuwait's biggest telecom operator by subscribers Zain reported a 33 percent fall in second-quarter profit, extending an earnings slump as difficulties in Iraq and a strong dollar hurt earnings.
The company, which operates in eight countries in the Middle East and Africa, said its net profit amounted to USD128.8 million in the three months to June 30, it said in a statement.
Zain had posted falling profits in nine of the 11 preceding quarters as tougher domestic competition, service interruptions and higher costs in war-torn Iraq weighed on the bottom line.
The telecom giant said that currency losses, mainly due to a strong dollar, had trimmed its half-year profit, which fell 30 percent year-on-year to USD263.82 million, by USD13 million.
The company, which operates in eight countries in the Middle East and Africa, said its net profit amounted to USD128.8 million in the three months to June 30, it said in a statement.
Zain had posted falling profits in nine of the 11 preceding quarters as tougher domestic competition, service interruptions and higher costs in war-torn Iraq weighed on the bottom line.
The telecom giant said that currency losses, mainly due to a strong dollar, had trimmed its half-year profit, which fell 30 percent year-on-year to USD263.82 million, by USD13 million.
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