Zain Group posts Q3 revenues of $1.1bn

Sudanese currency weighs on Zain Group's results
Zain Group posts Q3 revenues of $1.1bn

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Kuwait’s Zain Group posted a net profit of $186 million, a decline of about 12% over the same period in 2012. The telco’s revenues remained flat at $1.1 billion for the third quarter of the year.

The company said that the results were hit by adverse foreign currency translation impact, predominantly in Republic of Sudan, of $41 million in revenues and $17 million in EBITDA.

Data revenues grew by 22% year on year, and data now accounts for 13% of Zain Group’s revenues.

“Regarding net income specifically, if not due to both a foreign exchange translation impact of $7 million and an exceptional $21 million loss from ‘foreign currency revaluation’, net income would have grown slightly,” the telco said in a statement.

Scott Gegenheimer, CEO, Zain Group, said: “Across all our markets, operationally we are performing well in local currency terms as we drive efficiency and innovation in unity with a concerted effort to improve the mobile experience for our customers.

“Unavoidable foreign currency fluctuations continue to affect us adversely, however we are unwavering in our transformation efforts in this changing telecom environment that is characterised by intense competition not only from mobile operators but also from over-the-top (OTT) players such as Skype, Facebook and Viber, to name a few.”
 

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