Zain KSA's losses rise in Q4

Zain Saudi Arabia posted full-year net loss of SR1.65 billion in 2013
Zain KSA's losses rise in Q4

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Zain Saudi Arabia posted a net loss of SR462 million ($123.2 million) in the three months to December 31, according to a report from Reuters. This marked compared with a net loss of SR443 million in the same period in 2012.

Fourth-quarter revenue was SR1.5 billion, compared to SR1.7 billion a year earlier, according to calculations from Reuters.

The telco blamed Saudi Arabia's crackdown on illegal workers and a drop in religious pilgrims visiting the country for falling revenue. Since March, more than 1 million foreigners have left the kingdom, the report stated.

Zain Saudi Arania posted full-year net loss of SR1.65 billion for 2013, compared with a loss of SR1.75 billion a year earlier, the company stated on the Saudi bourse.

 

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