AFP, Kuwait City :
Kuwaiti telecoms giant Zain on Sunday reported a drop in its third quarter net profits due to currency exchange losses in Sudan and conflict in Iraq.
The company’s net profit in the third quarter fell seven percent to 40 million dinars ($132 million) from 43 million dinars ($142 million)in the same period last year, Zain said in a statement.
Net profit for the first nine months of 2017 was 122 million dinars ($402.6 million), down 1.6 percent from 124 million dinars ($409.2 million) in the same period last year.
The fall in profits was mainly attributed to negative developments in its Zain units in Iraq and Sudan.
Zain said some $20 million of its net profit losses in the third quarter stemmed from its unit in Sudan, which has seen a steep devaluation of the local currency.
Conflict in Iraq, where Zain operates one of the most active units, also had a negative impact with profits lower than expected.
Its Saudi Arabian arm, Zain Saudi, however posted a net profit for the third quarter in a row-after more than 10 years in the red.
During the third quarter, Zain sold its treasury stocks, about 10 percent of total shares, to Omantel, in which the Omani government has a majority stake, for $846 million.
Kuwaiti telecoms giant Zain on Sunday reported a drop in its third quarter net profits due to currency exchange losses in Sudan and conflict in Iraq.
The company’s net profit in the third quarter fell seven percent to 40 million dinars ($132 million) from 43 million dinars ($142 million)in the same period last year, Zain said in a statement.
Net profit for the first nine months of 2017 was 122 million dinars ($402.6 million), down 1.6 percent from 124 million dinars ($409.2 million) in the same period last year.
The fall in profits was mainly attributed to negative developments in its Zain units in Iraq and Sudan.
Zain said some $20 million of its net profit losses in the third quarter stemmed from its unit in Sudan, which has seen a steep devaluation of the local currency.
Conflict in Iraq, where Zain operates one of the most active units, also had a negative impact with profits lower than expected.
Its Saudi Arabian arm, Zain Saudi, however posted a net profit for the third quarter in a row-after more than 10 years in the red.
During the third quarter, Zain sold its treasury stocks, about 10 percent of total shares, to Omantel, in which the Omani government has a majority stake, for $846 million.
