Jan 22, 2013 (AME Info - McClatchy-Tribune Information Services via COMTEX) --
ZAIN KSA NARROWS Q4 LOSS ON LESS FINANCIAL CHARGES: The Saudi unit of Kuwait's Zain has reported a 4 percent narrowing of fourth-quarter loss, as financial charges dropped, Reuters has reported. Zain Saudi said it made a net loss of SR443m ($118.1ms) in the three months to December 31, compared with a net loss of SR461m in the prior-year period. The company made a full-year loss of SR1.7bn in 2012, compared with a loss of SR1.93bn a year earlier. Parent firm Zain in July increased its stake in Zain Saudi to 37 percent from 25 percent after underwriting the affiliate's capital restructuring.
DU STARTED RESTRUCTURING OPERATIONS FROM JAN 1: Osman Sultan, the chief executive of Du, has said the UAE telecoms operator has started restructuring operations and outsourcing jobs from January 1, 2013, as it seeks to boost earnings, Bloomberg has reported. Du is outsourcing roles at some call centres in the company's information technology department, a move that is unrelated to the restructuring of operations, Sultan said. The outsourcing will continue this year and next, he added. "We're entering a new phase in the life of this company, and that requires that the company shapes itself," Sultan said.
STC POSTS 79 percent DROP IN Q4 PROFIT: Saudi Telecom Co (STC) has posted a 79 percent drop in fourth-quarter profit, after it took one-time charges related to affiliates in South Africa and India, Reuters has reported. The Gulf's largest telecoms operator made a net profit of SR468m ($124.8m) in the three months to December 31, down from a SR2.28bn in the prior-year period. STC attributed the decline to charges on adjusting the fair value on its investment in South Africa's Cell C and Aircel in India, leading to a one-off non-cash charge of SR641m, and changes in Indian telecom regulations which resulted in a charge of SR544m, related to Aircel.
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