KUWAIT CITY: Kuwaiti telecoms giant Zain on Sunday reported a drop in its third quarter net profits due to currency exchange losses in Sudan and conflict in Iraq. Net profit for the first nine months of 2017 was 122 million dinars ($402.6 million), down 1.6 percent from 124 million dinars ($409.2 million) in the same period last year. The fall in profits was mainly attributed to negative developments in its Zain units in Iraq and Sudan. Its Saudi Arabian arm, Zain Saudi, however posted a net profit for the third quarter in a row — after more than 10 years in the red. Zain is the largest mobile phone operator in Kuwait but also has operations in Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia and Sudan and manages a unit in Morocco.

Source: Manila Times October 29, 2017 08:26 UTC