Zain mobile posts second quarter loss of $168.5 mn
Loss is single greatest since company launch.
July 18, 2010 9:21 by Samuel Potter
Saudi Arabia’s mobile phone operator says it lost $168.5 million in the second quarter 2010, down 26 percent from $228.5 million in the corresponding period last year, 7Days reported.
The loss represents the greatest quarterly loss since the company launched operations in 2008, according to the report. Zain’s revenues nearly doubled in the same period.
“The reason of the decrease in the second-quarter’s net loss is the wider customer base which rose noticeably during the second quarter, exceeding seven million customers,” 7Days quoted the company’s chief executive as saying.
Shares in the mobile phone telco have lost 67 percent since the company began operations, the report added.