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Kuwait’s Zain swings to Q4 net profit
Q4 profit $190 mln according to Reuters calculation.
March 4, 2011 12:03 by Reuters
Kuwaiti mobile operator Zain swung to a small profit in the fourth quarter, according to Reuters calculations, missing analysts’ estimates.
Zain, subject to a $12 billion takeover bid from UAE’s Etisalat , posted a fourth-quarter net profit of $190 million compared with a net loss of 0.7 million dinars ($2.52 million) a year earlier.
Analysts polled by Reuters estimated an average fourth-quarter net profit of 78.7 million dinars ($283.4 million).
Reuters calculated figures based on previous financial statements as Zain did not provide quarterly data. The company posted a net profit of 976 million dinars ($3.48 billion) in the first nine months of 2010.
Zain, which completed the sale of its African assets last year, reported a 2010 full-year profit of $3.67 billion dollars, a company statement said, up from 195 million dinars ($702.2 million) in the previous year.
(Reporting by Eman Goma; Editing by Erica Billingham)