Zain 2011 net profit slides 73% [Khaleej Times (United Arab Emirates)]
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[February 15, 2012]

Zain 2011 net profit slides 73% [Khaleej Times (United Arab Emirates)]

(Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) KUWAIT CITY - Kuwaiti telecom giant Zain net profit dived 73 per cent last year mainly because the 2010 profit included a huge capital gain from the sale of its African assets, a statement said on Tuesday.


Zain's net profit in 2011 was 285 million dinars ($1.03 billion) compared to 1.06 billion dinars ($3.82 billion) the previous year, according to a statement posted on the Kuwait Stock Exchange website.

The 2010 net profit however included 770 million dinars ($2.78 billion) as a one-off capital gain from the sale of Zain's African assets to India's Bharti Airtel. Without the capital gain, Zain's net profit in 2010 was 293 million dinars ($1.06 billion).


(c) 2012 Khaleej Times. All Rights Reserved. Provided by Syndigate.info an Albawaba.com company

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